As the anticipation for a new bull season grows, investors are closely monitoring altcoins that showed robust performance in 2021. Cryptocurrencies such as Dogecoin (DOGE), Avalanche (AVAX), and Cardano (ADA) have made notable strides this year, despite Bitcoin‘s recent price correction. Even with Bitcoin’s downturn, those who capitalized on the lower prices during the bear market are presently seeing profits. Questions now arise as to which dollar values these altcoins might aim for next.
Cardano (ADA) Holds Ground; Faces Resistance
ADA Coin’s supporters have successfully shielded the $0.57 support mark, even as Bitcoin’s drop exerted downward pressure. Yet, ADA struggles to stay above the $0.63 mark, which is the 50-day Simple Moving Average (SMA), and may face further drops over weekends when trading volumes are low and price swings are common. The Relative Strength Index (RSI) indicates negative sentiment, with ADA’s price hovering around $0.6 and Bitcoin showing signs of instability under $63,000. ADA could slide below support levels of $0.57 and $0.53, potentially reaching $0.46. If the market’s risk appetite surges, ADA might reclaim $0.63 and possibly ascend towards $0.7.
Dogecoin (DOGE) Aims for Regulatory Recognition
Despite the broader market’s cautious stance, DOGE is maintaining its value at $0.15, possibly fueled by its potential official classification as a commodity soon. Should the Commodity Futures Trading Commission (CFTC) approve Coinbase’s application, DOGE, along with Litecoin (LTC) and Bitcoin Cash (BCH), could appeal to investors seeking to diversify with an altcoin collection that could sidestep regulatory concerns. If DOGE sustains above $0.15, it may experience significant gains, aiming for resistance levels at $0.16 and $0.19. However, without an increase in demand, DOGE might fluctuate within the $0.12 to $0.19 range. An optimistic outlook suggests a value of $0.23 by April 1st.
AVAX Positioned for Potential Upsurge
AVAX Coin remains stable above the crucial $50 mark, suggesting the potential for a rally if Bitcoin’s price swiftly recovers. The RSI supports a bullish scenario, with price targets set at $62 and $65, and a chance to climb to $75 or even higher. Conversely, a fall below $50 could signal a bearish trend, possibly leading to a decline towards $31.5.