Cardano (ADA) has increased by 30% since the beginning of 2023 due to the strong accumulation of whales. Meanwhile, Binance Coin (BNB) has surpassed the 100-day simple moving average of $265. Also, Evmos has been continuing its weekly rise since announcing the V10.0 upgrade. Analytical platform Santiment is expecting a rise for its 3 altcoin projects.
These two altcoin prices are ready to explode
The broader cryptocurrency market started the week on an optimistic note as altcoins took charge of the recent rally. According to the on-chain analytics platform Santiment, two Ethereum rivals could be ready for a rally. Santiment reported that crypto trader sentiment around ADA and BNB is currently bearish, compared to the bullish outlook surrounding ETH and payments network XRP. But Santiment adds that projects with a bearish trend outperform. In this regard, it draws attention to the following:
We see a particularly enthusiastic crowd sentiment in XRP and ETH as crypto market values have jumped a lot in independent directions. Traders are less interested in BTC, BNB and ADA. Historically, bear trend projects have performed better on average.
Whales focus on Cardano
As of press time, Cardano (ADA) is currently trading at a price of $0.31 and a market cap of $10.8 billion. Its Ethereum rival currently maintains its position as the eighth largest crypto by market cap. Since the beginning of 2023, Cardano’s native cryptocurrency ADA has been doing well with strong whale backlogs. Cardano whale addresses holding between 1M and 100M have a dense accumulation. Santiment notes:
Cardano has jumped an impressive +30% since Dec. Since the start of the rally, 28 new addresses have appeared on the network holding $1 million or more in ADA. Transaction volume, including increased large whale transactions, reached a 2-month high.
Binance Coin (BNB) joins the party
Binance’s native cryptocurrency, BNB, has been showing some movement lately. BNB is currently trading at $275 with a market cap of $12.4 billion. Last week, the BNB price rose more than 12 percent. Santiment reports that the altcoin price rally that occurred last weekend went against the expectations of the crowd. This is a fairly common occurrence he notes. In this regard, Santiment adds, “As we have seen time and time again, markets are moving in the direction of the most unlikely expectation of the crowd.”
Crypto analyst Bhushan Akolkar points out the following technical levels for BNB price. BNB broke the main resistance of $250 which is now preparing it for another price rally towards $300. Currently, the altcoin is trading above $265 at $275 and the 100 simple moving average on a 4-hour chart.
On the upside, BNB is facing two major resistance levels at $280 and $285. If BNB manages to surpass this, we could see its price testing $300. Any further gains could send its price to $320 as well.
This altcoin offers good chances of profit
Cosmos-based Evmos (EVMOS) continued its weekly growth despite the current price drop over the last 24 hours. Evmos is down 9.31% daily to $0.4206, while still retaining 7-day gains of 45.7% at the moment. Evmos is a lesser-known but highly innovative protocol that seeks to maintain its dominance as the IP layer for Blockchains. General observers’ outlook on the altcoin is bleak. However, thanks to the recent upgrade announced by the protocol, the altcoin has a good chance of bringing a decent profit to its investors.
The protocol has announced the release of v10.0, an upgrade that will allow it to connect with Ethereum-based protocols:
The building blocks for cross-chain dApp development are here (more on the way). These tools enable the development of user-friendly dApps. The sky is the limit not only for our awesome developer community, but also for other ecosystems participating in Interchain.
With Ethereum, arguably the most robust Decentralized Finance (DeFi) hub around, most protocols create a path through Ethereum Virtual Machines (EVM) capabilities to connect to DApps hosted on Ethereum. In this way, the overall functionality of the connection protocol, in this case Evmos, can be enhanced as its users can connect to the larger world. While Evmos has earned a reputation for connecting multiple protocols to the Cosmos world, the latest upgrade is a testament to its flexibility and targeted effort to connect its platform to other mainstream Blockchains. The interoperability of EVMs means that beyond Ethereum, Evmos users can also interact with projects on BNB Chain and Cardano, among others.
Impact of the upgrade on altcoin price
The latest upgrade for Evmos will enable greater use of the protocol, a move that will have a high impact on the native cryptocurrency. In this way, users can trust the cryptocurrency. According to experts, they may therefore go on a saving spree in the near future.
Currently, EVMOS is 90.78% below the All-Time High (ATH) price of $4.56, which it reached about 8 months ago. Despite this, the altcoin gained more than 50% from its lowest price point of $0.2798 towards the end of the year. Therefore, it has provided its end buyers with a significant return on their investment. With improved fundamentals, the token’s growth is likely to increase to print more impressive price increases in the coming days.