The altcoin market has demonstrated remarkable stability over the past few days while Bitcoin’s future remains uncertain. Nevertheless, experts believe that most altcoins have significantly improved their fundamentals compared to the 2021 bull market when prices were trading around all-time highs. As a result, analysts predict that altcoins are poised to experience substantial gains in the coming weeks, driven by increased demand and a reduction in supply.
XRP Faces Short-Term Correction, but Bullish Momentum Ahead
Renowned digital asset analyst and Elliott wave principle expert, Cheeky Crypto, recently shared their insights on XRP’s short and long-term prospects in a YouTube video. Despite a positive outlook for the future, the analyst foresees a short-term correction for XRP. They expect the cryptocurrency to drop to around 54-58 cents before making a rebound and reaching a new high later this year.
In the long-term perspective, the analyst takes a conservative approach, predicting that XRP could potentially reach between $5.5 and $11. They dismiss the expectations set by some influencers, who had touted targets of $589 or $10,000 during the next major crypto bull market, citing considerations related to supply and demand.
Cardano (ADA) Poised for Bullish Breakout with Dapp Activities and Locked Assets
Cheeky Crypto’s analysis also extended to Cardano (ADA) in another recent YouTube video. The analyst believes ADA’s price is on the cusp of breaking out of a macro-falling trend, driven by increased Dapp activities and locked assets within the ecosystem. In the short term, the analyst predicts a potential drop in Cardano’s price to as low as 18 cents before initiating a rebound.
For the long term, the analyst presents two possible scenarios. On the upper end, ADA’s price could rally as high as $55-$110, indicating substantial bullish potential. On the other hand, from a more cautious standpoint, the analyst sets a target of $4-$9 for Cardano.
As the altcoin market continues to evolve, traders and investors closely watch the unfolding developments in both XRP and Cardano, eagerly anticipating potential gains amid the prevailing market dynamics.
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