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Cryptocurrencies had a great week as the market cap soared to $1.25 trillion.
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Ripple prevailed when a judge ruled that XRP was not a financial security.
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Bitcoin and other altcoins bounced back this week.
Cryptocurrencies had a very good week after the weak US inflation data and after the SEC vs Ripple case outcome. Ripple price surged by more than 70% while the market cap of all cryptocurrencies jumped to over $1.25 trillion. Here is the weekend prediction for key coins like Cardano, Solana, and ApeCoin.
Cardano price prediction
Cardano ADA price made a strong bullish breakout after the SEC vs Ripple news, which we wrote about here. It jumped to a high of $0.375, the highest level since June 4th. This rally happened because the SEC had singled out Cardano as a financial security. As such, there is a likelihood that Cardano and its developers would prevail if the SEC brought charges.
The Ripple case is a monumental development in establishing that a token is separate and distinct from an investment contract it may or may not be part of. Now, let’s make it law. 👇 pic.twitter.com/FZtO1BzfWX
— Tom Emmer (@GOPMajorityWhip) July 13, 2023
Turning to the daily chart, we see that the Cardano price was in a consolidation phase before the Ripple news. It was consolidating at an important support level of $0.30, which was the lowest point on March 12th.
Now, Cardano has moved slightly above the 50-day moving average. It is also trading at the 200-day moving average. Therefore, while the bullish comeback has eased, there is a likelihood that it will continue rising as buyers target the next key resistance level at $0.42, which is about 20% above the current level.
How to buy Cardano
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
Solana price prediction
Solana has been one of the top-performing cryptocurrencies this week. The coin jumped to a high of $32.20, the highest level since November last year. It has risen in the past three straight days.
SOL price has jumped above the important resistance level at $25.83, the highest level on April 17th. The coin has also risen above the 50-day and 100-day moving averages. At the same time, the Relative Strength Index (RSI) has moved above the overbought level of 80.
Stochastic Oscillator RSI has moved above the overbought point. Therefore, the coin could keep rising as buyers target the key resistance at $38.60, the highest level on November 5th.
ApeCoin price forecast
ApeCoin price has been in a strong bearish trend in the past few months. This decline happened as the volume of Bored Ape Yacht Club (BAYC) NFTs crashed. APE moved below the key support at $2.60, the lowest level in November last year.
The token has crashed below all moving averages while the Relative Strength Index (RSI) has moved above the neutral point at 50. Therefore, the outlook of the ApeCoin token is bearish as demand for NFTs and BAYC tokens dropped.
How to buy ApeCoin
Nexo
Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team’s years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.
