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Digital Assets Movement
Dominating cryptocurrencies like BTC and ETH are currently experiencing a downturn, potentially dampening hopes of short-term profits. However, this provides an opportunity for altcoins to stage a comeback, particularly during a period of accumulation. Cardano’s ADA and Avalanche’s AVAX are both vying for the 8th spot in terms of market capitalization. Avalanche, in particular, is eyeing this position in a market scenario that is not favorable for trading.
The decline in ADA has been more significant compared to AVAX, sparking speculation on Cardano’s future success. ADA recently traded at $0.6112, reflecting a 10.03% drop over the last 7 days. On the other hand, Avalanche has seen a 5.68% decrease during the same period, with its price currently standing at $57.00.
Market Speculations and Predictions
Previously valued above $60, AVAX has retraced to a lower level, prompting analysts to define a resistance level at $55. A potential breach of this level could lead to further declines. Despite this, Avalanche holders remain optimistic about the token’s price returning to $60 or exceeding it and maintaining stability. Many investors are taking advantage of this moment to accumulate tokens, speculating on mid- to long-term gains.
Cardano is anticipated to follow in the footsteps of ETH, gradually growing once momentum picks up. ETH has witnessed a 9.08% decline in the past 24 hours, currently priced at $3,264.34. Altcoins may benefit from bullish sentiments prevailing in the market in the near future.
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