It’s clear that while bears prompt close signs of bullish momentum, prematurely some traders are betting their asset for a loss. Along with Bitcoin, the majority of the altcoins turned down from their respective upper resistance range. Yet, historical trends and present market sentiments point out an intensive bullish cycle in the next couple of weeks. Notably, Bitcoin and Cardano possess the solid potential to claim newer highs in the immediate bull cycle.
As a result of massive sell-offs, Bitcoin price has undergone a steep fall on Saturday dropping well below 200 days MA. However, with a quick retest to $42k, the asset bounced to a $48k resistance zone. A popular analyst Techdev confirms the resemblance of the 2017 and 2013 price charts with a recent dip.
Back in 2017 and 2013, the flagship asset has undergone backtest prior to the monstrous rally. A last-minute price revision that has surrounded the Bitcoin market at present would heavily uphold the price action in the next couple of weeks.
We've seen our first major #BTC structural deviation.— TechDev (@TechDev_52) December 5, 2021
Failed swing high retest and will likely close below bull market support band (50.8K).
I will note; however, that this cycle has respected the 50W SMA like the last respected the 20W.
Want to see that hold at 47K on close. pic.twitter.com/VT7rFksofD
However, the analyst expects a solid breakout at the $52k price range. On the other hand, the star crypto was trading at $52k prior to the CME close on Friday. As there is a lapse of $3k from CMEs market close on Friday to market open on Monday, a short bounce is expected in the next couple of hours.
Cardano price has been trading within the rangebound scale over the past three months. Yet, the asset remained dominant in terms of staking and transaction count. The proof-of-network holds the top rank in terms of the number of coins staked after Solana. However, it has managed to outstrip the 20 million transaction mark a couple of days before. The network activity of the ecosystem has taken a lead post the launch of smart-contract functionality.
Heavy market crash on Friday severely blew of the upper resistance levels. Yet ADA price has managed to accumulate support around $1.30 with a 6.64% loss round the clock. Further, the asset has woefully fallen below 200 days MA, which has become a cause of worry. However, as the number of transactions and staking look optimistic, Cardano would jump to a new milestone.
Solana, an open-source blockchain has made an impressive move over the past year. Owing to the heavy market crash on Friday, the SOL price has experienced a steep fall, yet managed to recover quickly. On early Monday, the asset contrived to break at $182.06. However, as the asset is still under the custody of bearish dominance, it would even correct the $160 price range.
On the other hand, RSI and 20-day MA hint at a potential bull rally in the next couple of weeks, where the price would soar up to $250.
Collectively, protagonists and analysts across the space proclaim the current market trend would soon flip the bearish dominance to initiate an intense cycle of the year. Moreover, the aforementioned coins hold the potential to breach their previous ATH with mammoth gains in the next couple of weeks.