Cryptocurrency Surge

It was a sea of green in the cryptocurrency industry as Bitcoin and most altcoins surged. Cardano (ADA) price surged by 60%, while Cronos (CRO), Ripple (XRP), and IOTA (IOTA) surged by over 20% on Monday morning. This surge brought the market cap of all coins up by over 10% to $3.10 trillion. Here’s why these altcoins are soaring and what to expect.

Cardano Price Analysis

Cardano’s price surged over 60% after Donald Trump hinted that it would be included in the crypto strategic reserves. This suggests that the American government may invest hundreds of millions into the coin.

Technically, Cardano showed strength by forming a falling wedge pattern, a bullish reversal signal. The price bounced back as this pattern converged, and bulls are now targeting a high of $1.328 in 2024.

XRP Price Forecast

XRP also staged a strong comeback following Trump’s announcement. The rise occurred after the token bottomed out at $1.9607, a level it struggled to stay below since November last year. It moved above the shoulders section of a head and shoulders pattern and surpassed the 50-day moving average as well as the 23.6% Fibonacci Retracement level.

The next key price point for XRP to watch is $3.40, the swing high in January. A break above this level could lead to gains up to $5.

Cronos Price Analysis

Cronos experienced a price surge overnight, reaching a high of $0.10, up from its year-to-date low of $0.0683, following a partnership with Crypto.com for a debit card transfer.

Technically, CRO formed a double-bottom pattern after hitting a low of $0.0705, but faced resistance at the 50-day moving average and the 78.6% retracement point. This raises concerns that the surge may be a temporary bounce before a potential downturn.

IOTA Price Forecast

IOTA skyrocketed from a peak of $0.6335 in December to a low of $0.1826 this month, forming a double-bottom at $0.1825, a highly bullish indicator. The token then retested the upper side of a descending channel, part of a cup-and-handle pattern.

The price of IOTA is expected to have a strong bullish breakout, targeting initial resistance at $0.4185, which represents a 70% increase from the current level.

Read more: Cronos Price Analysis: Here’s Why CRO Could Surge 40%

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