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Cryptocurrencies had a strong performance in one of the most volatile weeks.
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Bitcoin surged above $27,000 for the first time in months.
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Cardano, Stacks, and Conflux were among the top performers.
Cryptocurrencies had a strong performance this week even as jitters in the banking sector continued. On Friday, Bitcoin price jumped to over $27,000 for the first time in months. This was a remarkable turnaround considering that BTC was trading at $19,000 a week earlier. This article will provide predictions for some popular altcoins like Cardano (ADA), Conflux (CFX), and Stacks (STX).
Cardano price prediction
Cardano price made a strong comeback on Friday after the developers announced a new P2P upgrade for its network. Further, Cardano’s total value locked (TVL) jumped to a record high in ADA terms, signaling that the network is gaining traction.
Cardano rose to a high of 0.348 on Friday, which was above the 25-day and 50-day moving averages. The MACD moved above the neutral point while the Relative Strength Index (RSI) moved close to its overbought level.
On the hourly chart, Cardano is trading close to the major S&R pivot point. Therefore, with Bitcoin leading cryptocurrencies, I suspect that it will continue rising as buyers target the next ultimate resistance at $0.366, which is about 8% above the current level.
How to buy Cardano
Conflux price prediction
Conflux (CFX) price had one of the best performances this week. On-chain data showed that the network was gaining traction after partnering with China Telecom. The telecommunication giant will use the platform to build blockchain sim cards. Conflux NFTs are also doing well.
On the hourly chart, the CFX price has formed a cup and handle pattern, which is usually a bullish sign. It is also being supported by the short and long-term moving averages. Like Cardano, the Relative Strength Index (RSI) and the MACD have continued rising. The Murrey Math Lines indicator shows that it is now at the weak S&R point.
Therefore, there is a likelihood that Conflux price will also continue rising as buyers target the overshoot level at $0.4157.
How to buy Conflux
Stacks price prediction
Stacks has done well following the launch of Bitcoin Ordinals. This was an important development because Stacks is a layer 1 network that makes it possible for developers to build dapps that use Bitcoin. It is the only blockchain product that is offering the service.
On the hourly chart, the STX price has been rising and formed a cup and handle pattern. It has also moved to the stop pivot reverse point. Like Cardano and Stacks, it is being supported by short and medium-term moving averages and oscillators like the Relative Strength Index (RSI) and the MACD.
Therefore, Stacks will likely continue rising as buyers target the ultimate resistance point at $1.20. The stop-loss of this trade will be at $0.990.
