The Cardano team Input Output has completed a few key developments on key projects. Crypto analyst David predicts that the SNX price will rise in the near term. Analyst Valdrin Tahiri says there are bullish signs for the DOT. IntoTheBlock notes an increase in leading altcoin whales. Analyst Kelvin Munene is waiting for a comeback for SUI.
Cardano made improvements, how did it affect the altcoin price?
Input Output announced in its latest development updates on May 26 that the team has completed major developments this week. The core technology team worked on node, networking and ledger improvements. cryptocoin.com As you follow, the network ran into various problems this month. The team managed to fix these problems. Added capability to cardano-js-sdk backend to import multi-address wallets like Lace wallet, Daedalus. The Adrestia team worked to separate the balance TX library, database layer, and multi-signature wallet delegation functionality.
Dapps and tokens on Cardano Blockchain are performing great. According to experts, general developments and token price increase will affect ADA price. The price of Candano’s meme coin SNEK rose 26% to reach an all-time high. ADA price is now trading above the key $0.33 support level. ADA is up over 1% in the last 24 hours. Thus, it is currently trading at $0.36. The rise mostly comes after the IOHK team announced several key developments that were completed this week.
The price of this altcoin could rise in the near term!
The price of Synthetix (SNX) fell after being rejected by the long-term horizontal resistance level of $3.4 on February 27, 2023. However, the price has bounced back twice from the previous resistance level of $2. So, it’s a positive sign. For the first time, a bullish pin bar is marked by a candlestick formation. Also, a bull engulfing pattern (green arrows) has formed for the second time. Both are indicators of buying pressure.
When we combine these two bounces, we see that a double bottom pattern is formed. This is a bullish pattern that usually leads to an upside reversal of the trend. It is also supported by the bullish divergence on the weekly RSI indicator, which is another bullish signal. Therefore, SNX price is likely to recover from the current level and move towards the long-term resistance at $3.4.
SNX weekly chart. Source TradingViewThe most likely scenario suggests that SNX will continue to rise towards the long-term resistance level of $3.4. On the other hand, this view will be invalidated if the price drops below the $2 support zone.
DOT price hovers above support
Polkadot price has been on the decline since reaching its yearly high of $7.90 on February 19. The price formed a lower high on April 18 (red icon) before continuing its descent. On May 12, the price dropped as low as $5.11 inside the main $5.20 support level. It has been trading close to this level ever since. It probably formed a double bottom formation on May 25. The double bottom is considered a bullish pattern. So it usually leads to upward movements.
DOT Daily Chart / Source TradingViewThe daily RSI supports the possibility of price rebounding. If the RSI is above 50 and the trend is up, the bulls have an advantage. However, if the value is below 50, the opposite is true. Even if the indicator is below 50, it is rising. More importantly, the RSI has formed a bullish divergence (green line). This is the type of formation where a momentum spike is accompanied by a price drop. It often leads to a reversal of the uptrend.
Altcoin price prediction: Number of waves predicts a bounce
Technical analysis on the short-term six-hour time frame points to a bounce. The wave count shows an ABC corrective structure (white) on the decline since Feb. In it, A:C waves have an almost 1:0.786 ratio. If the count is correct, the DOT price will drop a little more. It is likely to reach the 0.786 Fib retracement support level at $5. Next, a significant bounce is likely that could take the price back to wave B of $7.
DOT Six-Hour Chart / Source: TradingViewDespite this bullish DOT price prediction, a decisive close below $5 will mean the trend is bearish. In this case, the altcoin will drop to at least $4.20 and possibly lower.
On-chain data shows increase in ETH whales
Market intelligence platform IntoTheBlock has announced that the amount of Ethereum (ETH) whales has increased. According to the post, the collective holdings of ETH whales rose to 30.07 million ETH. This marks a significant increase from the 26.56 million ETH recorded earlier in the year.
Historical ETH whale density / Source: IntoTheBlockThis increase indicates an increasing trend of accumulation among addresses holding more than 0.1% of the total Ethereum supply. Also, the presence of whales points to potential market confidence and long-term investment strategies in the Ethereum ecosystem.
Bears take control in SUI
The early positive momentum pushed Sui (SUI) price to a 24-hour high of $0.9938 before facing selling pressure. As the strength of the bulls waned, the Sui bears took control of the market. It also effectively lowered the price to a 7-day low of $0.9483, where support was formed.
Despite all the efforts of the bulls, the bears were in control of the Sui market as of press time. This resulted in a 1.99% drop from the previous close at $0.9668. SUI’s market cap fell 1.85% to $510,578,894. On the other hand, 24-hour trading volume was up 1.37% to $225,287,618. This move shows that traders are buying the dip, hoping to profit from the market’s downside.
SUI 24-hour price chart / Source: CoinMarketCapThe Relative Strength Index (RSI) on the SUI 4-hour price chart is 27.06. It also moves below the signal line, indicating the market’s negative momentum. However, the RSI stays in the oversold range (below 30). Therefore, a positive response is possible. This move and increased trading volume indicate that buyers are entering the market and possibly pushing the price higher.
