Crypto Market Correction: Bargain Hunting in Cardano, Litecoin, and Cosmos Coins

Sunlit crypto market scene, Edward Hopper style, optimistic mood, soft color palette, intricate details. A bustling market square, Cardano coin with rising channel pattern, Litecoin showing reversal signs, Cosmos coin forming descending triangle, buyers and sellers mingling, light rays reflecting off coins, potential recovery cycle in progress.

In recent days, the crypto market has experienced significant selling pressure, leading to a correction phase for many major cryptocurrencies. However, with the overall market trend remaining bullish, some top coins are offering discounted opportunities before the next recovery cycle begins.

On the weekly time frame chart, the Cardano coin (JJO) price displays a pattern of higher highs and higher lows, indicating an early sign of trend reversal. By connecting the peaks of these price swings, we can observe the formation of a rising channel pattern. Amid the recent selling pressure, the ADA price fell to the pattern’s support trendline, providing a bullish reversal opportunity if buyers can sustain this level. At press time, the Cardano price trades at $0.35, but with potential rally up to 42% higher to the resistance trendline at $0.5.

The Litecoin (LTC) daily chart shows that the cryptocurrency has been utilizing a support trendline to maintain its ongoing bullish rally. A pullback to this support level offers buyers strong support for accumulating and replenishing bullish momentum. Currently, the LTC price trades at $81.15 and shows a reversal sign of the rising support with lower price rejection candles. If the coin price successfully breaches the immediate resistance of $81.5, buyers may gain additional momentum to surge Litecoin’s market value by 26% higher, reaching the monthly barrier of $103-$102.5. Nonetheless, a breakout above this barrier is essential for the further rally.

The Cosmos coin (ATOM) daily chart displays the formation of a descending triangle pattern. Influenced by the bearish continuation pattern, sellers are likely to breach the key neckline support of $10.3, potentially leading to a further decline. However, the daily RSI indicator’s rise suggests that the underlying bullish momentum is increasing. The bullish divergence in this strength indicator implies a considerable possibility of a breakout above the overhead trendline. Such a breakout would undermine the bearish thesis, possibly encouraging buyers to drive the ATOM price 43% higher, reaching a peak of $15.45.

While the presented content may include personal opinions of the author, it is crucial to conduct your market research before investing in cryptocurrencies. Neither the author nor the publication holds any responsibility for personal financial loss resulting from investments.

Source: Coingape

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