With Bitcoin recording a new all-time high this week, expectations are high for the weekend due to its volatility. Therefore, it is wise to carefully observe signals other than market conditions that could impact prices.
BeInCrypto analyzed three altcoins that could move in a specific direction this weekend.
Cardano (ADA)
Cardano (ADA) has risen 19.8% this week and is currently trading at $0.92. The altcoin is approaching the $1.00 level and showing strong resilience compared to other cryptocurrencies. ADA has avoided declines in recent market conditions. This strong performance indicates that investors have confidence in its growth.
Despite a 12% intraday rise in the past 24 hours, ADA has experienced a slight correction. However, the Ichimoku indicator suggests that the upward momentum is still maintained. If Cardano can convert $0.92 into a support level, it could help push the price to the key $1.00 resistance level.
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Conversely, if ADA fails to maintain its position above $0.92, the price could drop to $0.85. Losing this support level would invalidate the bullish logic and could signal further price declines for the altcoin over the weekend.
Arbitrum (ARB)
ARB's price has fallen 9% in the past 24 hours and is currently trading at $0.519. The altcoin remains above the $0.510 support level but has failed to secure $0.550. The failure to break through resistance has caused a temporary price drop and highlights the need for stronger support.
This weekend, 92.65 million ARB will be circulated, valued at over $48.22 million. The increase in supply could cause the price to decline. However, the Parabolic SAR indicator still shows an upward trend, which could offset the negative impact of token unlocks.
If ARB can remain above $0.510, movement to $0.550 becomes possible. Securing $0.550 as a support level could push the price to $0.600. Conversely, losing the $0.510 support could cause a drop to $0.473 or lower, invalidating the bullish outlook for ARB.
Avalanche (AVAX)
AVAX is currently trading at $24.89, with a token unlock of 1.67 million tokens close to $40 million this week. Interestingly, the token unlock had almost no impact on the altcoin's price, demonstrating resilience despite the increased supply.
AVAX remains above the critical $24.39 support level, with the 50-day moving average approaching the 200-day moving average. A golden cross is imminent, which could trigger a bullish signal. If the cross occurs, AVAX's price could rise to $26.11 or higher, continuing its upward momentum.
However, if selling pressure increases, AVAX could fall below the $24.39 support level. In this case, the price could drop to $23.33 or lower, invalidating the bullish outlook and expecting a price correction.
