Cryptocurrencies Price Prediction: Algorand, Cardano & Decentraland — Asian Wrap 04 Feb

FXStreet Team FXStreet

Algorand price to rally 25% as ALGO readies to break consolidation

Algorand price has started coiling up below a stiff resistance barrier after the crash in January. As a result, ALGO has been tightly wound, suggesting a breakout to trigger a quick run-up soon. Algorand price has tagged the $1 local resistance barrier thrice over the past 11 days.

Cardano witnessed strength at $1 support as ADA awaits move to $1.42

Cardano price continues to hold on to the $1 value area as its primary support zone. A massive amount of buying within that value area has occurred over the past ten days, with more accumulation occurring every day. The net result of this buying behavior is an anticipated rally.

Decentraland price forms a dead-cat bounce, 18% correction on sight

Decentraland (MANA) is a bit of an outlier as it is up for the day, where most significant cryptocurrencies pairs are down. The risk at the current price action is that bulls could get caught in a bull trap or a dead-cat bounce after the dip from the past two days.

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XRP extends recovery as on-chain activity grows

Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).

Ethereum Price Forecast: ETH continues July uptrend with 20% rise after triggering buy signal

Ethereum (ETH) has gained 3% on Tuesday, extending its July gains above 20% after key on-chain indicators highlighted a resumption of buying activity. The strong performance so far in July comes a few days after ETH triggered the Market Value to Realized Value (MVRV) Buy signal. ETH has been up by roughly 22% since the signal.

Chainlink becomes top 20 best performer, 3 reasons behind the move

Chainlink (LINK) has become the best-performing asset in the top 20 this week, leading every other major cryptocurrency. The cryptocurrency jumped 10.18% to $8.71, its highest level since early June. Three major factors explain the double-digit rise over the past week.

Crypto Today: Bitcoin, Ethereum, XRP extend rebound amid returning institutional capital inflows

Cryptocurrency prices extend a broad recovery, led by Bitcoin (BTC), trading above $66,000 at the time of writing on Tuesday. Ethereum (ETH) remains bullish above $1,940, after logging four straight days of gains. Meanwhile, Ripple (XRP) hovers around $1.13, building on the reclaimed $1.10 critical level.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.