Cardano Jumps 25% vs XRP Takes a Breather...Altcoin Day of Destiny

▲ XRP, Cardano (ADA), Hyperliquid (HYPE)/AI Generated Image

XRP is approaching the end of a symmetrical triangle, standing at a breakthrough crossroads. Cardano (ADA) has rebounded over 25% in 7 days, and Hyperliquid (HYPE) has continued its upward trend for three consecutive days.

According to crypto media outlet FXStreet on August 4 (local time), XRP's technical trend shows conflicting bullish and bearish signals. Cardano, on the other hand, has strengthened its upward momentum, and Hyperliquid is attempting a rebound after finding support at a long-term support line. For all three cryptocurrencies, the ability to break through key exponential moving averages and resistance levels was identified as a critical variable determining their next direction.

XRP has formed a symmetrical triangle between the ascending support line at $1.051 and the descending resistance line at $1.1123. The 50-day exponential moving average is at $1.1194, creating a strong supply zone with $1.1123. The Relative Strength Index (RSI) remained in neutral territory at 45, but its slope slightly declined. The Moving Average Convergence Divergence (MACD) indicator approached the signal line, indicating a potential bullish crossover. If $1.1123 and $1.1194 are broken, $1.1568 opens as the next resistance. Conversely, if $1.051 breaks, the decline could extend to $0.9945, below $1.

Cardano recovered over 25% in 7 days, approaching $0.2. It reclaimed the 50-day exponential moving average at $0.1755, and the previous downtrend line at $0.1735 has also turned into a support line. The Relative Strength Index (RSI) rose to 67, nearing the overbought zone, and the Moving Average Convergence Divergence (MACD) also ascended above the signal line. However, with the 200-day exponential moving average at $0.27, a long-term uptrend reversal has not been confirmed. If further gains occur, the February 6 low of $0.225 will be the first hurdle.

Hyperliquid rose for three consecutive days, maintaining above the 200-day exponential moving average at $50.78. The short-term trend remains bearish as it is below the 50-day exponential moving average at $59.58. If the rebound continues, it could test the Fibonacci 50% retracement level at $57.55, based on the low of $38.17 and the high of $76.93. The Relative Strength Index (RSI) rebounded to 39 before entering the oversold zone, and the Moving Average Convergence Divergence (MACD) and its signal line also approached a bullish crossover. In case of a decline, $50.79 is the first support, and the Fibonacci 23.6% retracement level at $47.32 is the next defense line.

[Article Key Summary]

-XRP needs to break through $1.1123 and $1.1194 to exit the top of the symmetrical triangle.

-Cardano has rebounded over 25% in 7 days, but $0.225 and $0.27 are hindering its ascent.

-Hyperliquid maintained $50.78, and reclaiming $59.58 is a key condition for a trend reversal.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*