Newton Gitonga
Cryptocurrencies traded in the green as Bitcoin sways above $91,500, with the Fear & Greed indicator flashing “extreme greed.”
While the declining BTC dominance, currently at 58.81, signals an impending altcoin season, here are some top crypto headlines of the day.
ADA ready for another 40% jump
Cardano has been among the top performers in the current bull run.
While some tokens witness corrections after remarkable bounce-backs, ADA’s prevailing trajectory suggests more upsides for the altcoin.
The altcoin changed hands at $0.7530 after gaining 30% over the previous week.
Meanwhile, bulls encounter a significant resistance zone at the $0.77 mark.
ADA’s price action supports uptrends beyond this hurdle. Overcoming $0.77 could trigger a 24-hour candlestick closing beyond $0.80.
That could set the stage for another 30% jump, propelling Cardano to $1.04.
That would lead to a 38.1% increase from the current price.
On-chain metrics and technical indicators supported ADA’s upward stance.
The altcoin sways well above the 200 EMA on the 24-hour chart.
The positive Long/Short ratio, according to Coinglass, shows trader optimism on continued surges.
Further, IntoTheBlock reveals a 15% surge in large transactions over the past day, indicating institutional and whale participation as ADA hovers at vital price levels.
Though RSI’s overbought conditions signal potential retracements, prevailing market sentiments show any dip could be short-lived.
Invezz highlighted ADA’s potential to rally to the $1.33 zone – a 77% increase from the current value of $0.7530
Mantra eyes further gains as whales refrain from selling
OM dominated the real-world asset (RWA) chatter over the weekend as it soared nearly 70% on November 17.
That saw it extending its seven-day gains to a staggering 195%.
While most tokens experienced profit-taking after impressive rallies, Mantra whales retained their holdings.
That reflects their trust for additional gains.
Hyblock data shows whale positions on OM remained unmoved despite the weekend’s triple-digit surge.
That signals conviction of more surges amidst Mantra’s current bearish performance.
The token trades $at $3.89 after retracing from recent highs, and analysts predict new ATHs soon.
🚀 MANTRA (OM) hits an all-time high of $4.53, up 58% in the past 24 hours! 💥 Currently at $4.06, the rally shows strong demand as OM looks to establish a support floor for further gains. 📈
With rising investor confidence, OM could reach even new heights soon! 🚀💎 #OM…
Nevertheless, continued dips beneath $2.6 might cancel the anticipated bullish performance and trigger immense selling activities.
Goatseus slows after hitting $1B market cap
While GOAT attained the sought-after $1 billion market cap objective, the altcoin’s momentum has slowed, signaling potential market recalibration.
Goatseus lost 6.30% over the past day to hover at $1.07, with $1.08 billion market capitalization.
The Average Directional Index (ADX)– which measures trend strength- dipped from 37 on November 17 to 24.55 at press time to 29, highlighting weakness.
While the indicator still places GOAT in an upward trend, the plunge confirms fading bullish momentum.
Also, the RSI plunged from above 70 to the neutral 50, indicating fading buyer activity as the market calibrates.
Nevertheless, broad market sentiments would be crucial in shaping the meme token’s future.
Analysts remain confident about Bitcoin at $100,000 in the coming months, making any near-term decline a potential dip-buying opportunity.
The post Altcoins today: Cardano, Mantra set for upward continuation; Goatseus stalls appeared first on Invezz
