The crypto market faces a bearish weekend, and Cardano (ADA) has not been spared after a 3% drop to trade at $0.75. ADA price is also losing its footing after dropping in market cap ranking to the ninth position. Despite the bearish outlook, there are distinct reasons why ADA may recover to the upside and possibly reach higher levels. These include a strong technical outlook and higher odds that the SEC will approve a spot Cardano ETF. ADA Price Gears for a 75% Rally The key reason behind a bullish Cardano price forecast is a bullish technical outlook as it tests resistance at the upper trendline of a descending triangle pattern. ADA has been testing a breakout from this resistance line for the past two weeks. If demand rises and Cardano overcomes resistance at the 50% Fibonacci level of $0.91, it will fuel a 75% run to the $1.32 price…. Read More at Coingape.com
Chainlink is playing an advanced role in Hong Kong’s push for cross-border payment functionality for its central bank digital currency (CBDC) experiments. Leaning on Chainlink’s infrastructure, participants in the pilot will attempt to move tokenized funds between Australia and Hong Kong. Chainlink Powers Cross-Border Fund Transfers Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has been tapped to
As May comes to a close, many crypto tokens are approaching major developments. Altcoins aim to use these milestones as catalysts to drive their prices higher, following Bitcoin’s recent momentum.
BeInCrypto has analyzed three such altcoins for investors to watch as Q2 comes closer to an end.
BNB
BNB price is expected to surge soon, driven by the upcoming Maxwell hard fork on Binance Smart Chain (BSC). This upgrade promises faster block times, improved network efficiency, and smoother overall performance, which could boost investor confidence and usage of the platform.
The Maxwell hard fork could serve as a key catalyst for increased chain activity. Currently trading at $672, BNB faces resistance levels at $686 and $700. A strong market response to the upgrade may close the 18% gap to BNB’s all-time high (ATH) of $793.
However, if the hardfork’s reception is lukewarm, BNB may remain stuck below $686. This could invalidate the bullish outlook and stall the ongoing uptrend, as traders wait for clearer signs of sustained momentum.
Zilliqa (ZIL)
ZIL’s price has declined 14.7% over the last two weeks, dropping from $0.0149 to $0.0127. This fall is likely due to delays in the Zilliqa 2.0 mainnet launch. However, any positive update on the migration could trigger renewed bullish momentum for the token.
Investors should watch for news on Zilliqa 2.0, as favorable developments may push ZIL’s price toward resistance at $0.0137. Breaking this level could reinstate bullish sentiment and signal a potential recovery for the altcoin.
If ZIL fails to capitalize on momentum, the price may consolidate between $0.0125 and $0.0137. Such sideways movement would weaken the bullish outlook, suggesting a period of uncertainty before the next major move.
Optimism (OP)
OP price has remained mostly flat recently, but upcoming events may spark bullish momentum. The scheduled unlock of 31.34 million OP tokens this week, worth $24.22 million, could drive a price surge as investors prepare for increased supply and activity.
Currently, OP trades above the Ichimoku Cloud, indicating potential bullish strength. This technical setup suggests OP could break past the $0.80 resistance and continue climbing toward the $0.90 level, attracting more investor interest.
However, failure to breach $0.80 would invalidate the bullish outlook. In that case, the price could drop to $0.69 or even lower, signaling potential weakness and a need for caution among traders.
Hedera (HBAR) has experienced a modest recovery over the past few days but is still facing bearish cues from the broader market.
The altcoin has been attempting to breach a key price barrier but is struggling due to ongoing negative sentiment, especially in the Futures market. The market conditions remain challenging, making the outlook uncertain for HBAR.
Hedera Traders Are Uncertain
Currently, HBAR is displaying an inverse correlation with Bitcoin, sitting at -0.03. This suggests that while Bitcoin may be attempting a recovery, HBAR is not likely to follow its lead. Instead, the altcoin could move in the opposite direction.
As Bitcoin edges toward potential gains, HBAR may face further declines, especially in the daily chart.
The correlation reflects how HBAR’s price movements may not align with Bitcoin’s actions. As Bitcoin continues its recovery efforts, the broader cryptocurrency market sentiment may influence HBAR’s price in a contrasting manner. HBAR’s negative correlation with Bitcoin makes it vulnerable to additional downward pressure if the larger market remains volatile.
In addition to the correlation with Bitcoin, HBAR’s macro momentum is also shaped by the negative funding rate. The funding rate has been fluctuating and remains in the negative territory.
This indicates that traders are leaning toward short contracts, anticipating further price declines. The ongoing lack of strong recovery in HBAR has reinforced bearish sentiment as traders look to capitalize on any potential downturn.
The sustained negative funding rate reflects the market’s overall skepticism about HBAR’s short-term price action. With traders betting on further drops, the altcoin is under pressure to overcome these pessimistic views. Without a significant bullish catalyst, HBAR may struggle to break free from this bearish trend in the near term.
At the time of writing, HBAR price is trading at $0.246, facing the struggle of being stuck under the resistance of $0.250. The altcoin has maintained support at $0.222 for a while, and it is likely to continue holding above this level. However, the resistance of nearly $0.250 remains an obstacle to a breakout, which could prevent HBAR from making significant progress.
Given the current market conditions, HBAR is expected to consolidate between $0.222 and $0.250, as it has done in the past. This consolidation could continue, further delaying any recovery and preventing the altcoin from reaching higher levels. The broader market’s bearish sentiment may further restrict HBAR’s price action.
However, if HBAR manages to breach the $0.250 resistance level and flip $0.267 into support, it could signal a shift toward a bullish trend. In this scenario, the altcoin might rise to $0.314, effectively invalidating the bearish thesis and setting the stage for a more substantial recovery.
