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On July 14th, the crypto market witnessed a sudden surge in buying pressure which is linked to Ripple’s partial victory against the Securities and Exchange Commission (SEC) as the federal judge ruled that XRP is not a security in programmatic sales on digital asset exchanges. While the XRP price registered 73% growth several major cryptocurrencies felt the Ripple effect hopped on recovery tracks. Here’s how this positive sentiment could offer recovery opportunities in other altcoins.
Also Read: Will Uptrend Continue for XRP Price? Coinbase, Kraken And Other Exchanges Relist XRP Token
Cardano(ADA) Price Analysis: Bullish Pattern in Progress
Source: Tradingview
Amid the recent upsurge in the crypto market, the Cardano price continues with the development of a bullish reversal pattern known as the double bottom pattern. This chart pattern is typically observed at market bottoms and signifies active accumulation to lead to a strong recovery rally.
By the press time, the ADA price trades at $0.32, and under the influence of this pattern, the prices strive to overcome the $0.462 neckline resistance in order to fully validate and complete this pattern.
Solana (SOL) Price Analysis: Bullish Reversal Triggers Bullish Rally
Source: Tradingview
The Solana price experienced a notable breakthrough on July 7th as it surpassed the resistance trendline of the symmetrical triangle pattern. This breakout serves as a pivotal indicator of a shift in market dynamics and implies the potential for a robust rally in the near future.
The SOL price is currently trading at $25.8 and struggling to surpass the $26.7 barrier as the market witnessed a post-rally correction. If the coin price shows sustainability above the nearest support of $22.6, the buyers could continue to bullish rally.
With sustained buying, the Solana price could rise to $38.76, followed by $50.5
Polygon(MATIC ) Price Analysis: Breakout Opportunity Shine
Source: Tradingview
On July 10th, the MATIC price offered a decisive breakout from the long-coming resistance trendline. Aligned with the market recovery, this altcoin received significant follow-up, reflecting the buyer’s conviction to reach a higher price.
In theory, each swing that tested the downsloping trendline acted as a significant target. Currently, the polygon coin trades at $0.79, with an intraday loss of 6.3%.
If the buyers managed to hold above the $0.71 mark, the coin price could set an upward march to $0.947, followed by $1.19.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
