- Cardano (ADA), Bitcoin (BTC) and Ripple (XRP) are 3 cryptocurrencies to watch in the next bull run.
- The upcoming BTC halving event may be the catalyst that sends BTC’s price skyrocketing in the next market cycle.
- Meanwhile, ADA’s DeFi growth and XRP’s partial victory against the SEC may lead to their respective prices surging.
Many investors and traders believe that the market may finally be exiting its bear cycle. Talk around this latest bear market coming to an end has increased given the fact that September, which has historically been a bearish month, has come to an end.
Furthermore, the growing number of exchange traded fund (ETF) applications have led to increased euphoria within the cryptocurrency space. Cryptocurrency enthusiasts and investors are excited at the potential impact that institutional investment may have on prices in the market.
As many believe that the next bull market is fast approaching, Bitcoin (BTC), Ripple (XRP) and Cardano (ADA) are cryptocurrencies to watch in the next cycle. All 3 of these cryptocurrencies have made, and continue to make, significant progress – separating them from the rest of the market.
Bitcoin (BTC)
The upcoming BTC halving event will slash miner rewards by 50%, making BTC more scarce. Given its reputation and role in the cryptocurrency market, this reduction in supply may be met with increased demand. As a result, the cryptocurrency’s price will most likely skyrocket in the next bull run.
In addition to this, several reputable institutional funds have applied to launch their own BTC ETFs. Should these applications get approved, it will lead to a substantial amount of institutional capital entering the cryptocurrency market. This influx of capital may then ignite a strong BTC rally in the next bull cycle.
Meanwhile, the market leader was able to break above a medium-term negative trend line that had formed on its daily chart over the past couple of months. Furthermore, BTC had also broken above the key $26,915 resistance over the past 72 hours, and continued to trade above this threshold at press time.
The leading cryptocurrency may either experience a strong positive move through the course of the upcoming fortnight or will enter into an accumulation phase. Both scenarios could eventually lead to BTC rising in the medium-term. This bullish thesis will be invalidated if BTC breaks below $26,915 in the coming few days.
Should BTC drop below the recently-flipped support, then it may be at risk of dropping to the next key level at $26K. Conversely, if BTC continues to rise in the short-term, then it may target the next resistance level at $27,915.
At press time, CoinMarketCap data indicated that BTC was able to achieve a 0.69% gain over the past 24 hours. Subsequently, the cryptocurrency was changing hands at $27,117.16. This positive daily performance was a continuation of BTC’s weekly streak as well. As a result, BTC was up 2.07% over the past 7 days.
Cardano (ADA)
The Cardano blockchain has seen its Decentralized Finance (DeFi) sector grow consistently throughout this current bear market. Given this increased adoption of the Cardano network, as well as the increased amount of value locked within its protocols, it may only be a matter of time before ADA’s valuation surges. This makes it an interesting project to watch in the next bull run.
From a shorter-term perspective, ADA was able to rise above the 9-day and 20-day EMA lines over the past 72 hours, and continued to trade above these technical indicators at press time. Subsequently, the altcoin’s price could attempt to flip the resistance level at $0.2645 into support if ADA’s current bullish momentum continues.
Thereafter, a daily close above this key mark may then pave a way forward for the cryptocurrency’s price to continue to rise to the next threshold at $0.2920 in the following 2 weeks. This bullish thesis could be invalidated if ADA’s price is rejected from the $0.2645 mark. In this scenario, ADA could look to retest the immediate support at $0.2375.
Investors and traders will want to take note of the fact that the 9-day EMA line was looking to break above the 20-day EMA line on ADA’s chart. Should these two EMAs cross, it may suggest a positive shift in ADA’s short-term momentum. As a result, the altcoin’s price may continue to rise.
Meanwhile, ADA printed a 24-hour gain of 2.16%. This elevated the altcoin’s price to $0.2559 at press time.
Ripple (XRP)
Perhaps one of the biggest developments over the past few months was Ripple’s partial victory against the U.S. Securities and Exchange Commission (SEC). Although the long-standing lawsuit has not reached its conclusion yet, many exchanges have re-listed the altcoin and investors are confident that the trial may come to an end soon.
XRP’s price was restricted in the last bull run as a result of the SEC lawsuit. However, XRP being perhaps the only regulated cryptocurrency could invoke a sense of investor confidence. As regulators begin to clamp down on the industry, investors and traders may identify XRP as a good buy given the fact that it has already faced the SEC and garnered a partial victory.
From a technical standpoint, a symmetrical triangle chart pattern had formed on XRP’s daily chart, which suggested that the remittance token’s price may break out soon. During the past few days, XRP had broken out above this pattern, and continued to trade above it at press time. Subsequently, XRP was attempting to flip the resistance level at $0.5165 into support.
A daily candle close above this level may give the altcoin the support needed to rise to the next barrier at $0.5670 in the following week. However, if XRP is rejected by the $0.5165 resistance level, then it may drop to the next key support at $0.4585.
Similar to ADA and BTC, XRP also saw its price rise throughout the past day of trading. At press time, CoinMarketCap indicated that the cryptocurrency was changing hands at $0.5179. This was after it achieved a 24-hour gain of 0.39%.
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