he cryptocurrency market is complete with excellent strides in altcoins such as XRP and Cardano attempting to hit the $1 mark as part of the current bull run. The recent movement in the market indicates solid bullish momentum for this cryptocurrency. At the same time, meme coins like Dogecoin and Shiba Inu are also utilizing favorable market conditions to give extra fuel to investor interest.
XRP's Path to $1
XRP trades at about $0.58. The cryptocurrency is testing key resistance at the $0.618 Fibonacci level, which comes in at $0.6035. Analysts say that XRP breaking through key resistance may open a path toward higher prices with targets at $0.98 and $1.24.
The trend of the price of XRP is showing a positive cycle, which reflects a 20% surge that has already broken past critical Fibonacci levels. Moreover, the 50-day and 200-day exponential moving averages are very close to printing a golden crossover, which typically calls for some bullish momentum in the markets.
Strong Momentum for Cardano
Cardano, or ADA, is currently well under a strong bullish trend, surging almost 80% in just six days and pushing its price to around $0.68. This has allowed it to break its 61.80% Fibonacci level, a boost to the uptrend bias of this cryptocurrency.
Its price action paints a double-bottom reversal pattern alongside a positive crossover between the 50-day and 100-day EMAs, adding more fuel to potentially piercing through the $1.00 mark ahead of XRP. Analysts are confident that this is the pace at which Cardano will strike past the milestone mark any time soon.
Meme Coins Drive Market Momentum
The meme coin market also displays significant appreciation. Driven majorly by the increased momentum of Dogecoin, the market capitalization of the meme coin has jumped 20.4% in the last 24 hours and breached the $94 billion mark.
Shiba Inu boasts a 40% increase in the wake of its lead developer's proposal for a strategic crypto hub in the United States. At the time of writing, SHIB is trading at $0.000025, with a market capitalization of $14.7 billion.
With the altcoin season in full swing, investor sentiment is high, and one hot topic of discussion right now is which of these two cryptocurrencies-between XRP and Cardano-will be the first to reach $1.00. While Cardano is showing stronger signs of bullishness for now, a probable breakout by XRP might make the journey to this key price level very interesting. In this light, therefore, the crypto market will be a space to watch in the following days as these and other digital assets balance in their struggle for survival.
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