The crypto market is up today as Bitcoin briefly reclaimed $97,000 while Ethereum approaches $2,000 after the Pectra upgrade went live. The widespread bullish momentum has fuelled price gains for top altcoins, including Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC), and Near (NEAR).
So, what is driving the rally in crypto prices today, and can these top-performing altcoins sustain the momentum? Let’s explore.
DOGE, ADA, LTC, & NEAR Price Rally
The four top-performing altcoins today are DOGE, ADA, LTC, and NEAR, which have registered notable price gains in the last 24 hours as the crypto market sentiment shifted to bullish. Data from CoinMarketCap shows that DOGE and ADA prices were up by an impressive 5% at press time, ranking them as the biggest gainers among the top ten largest cryptos by market cap.
Meanwhile, Litecoin has also outperformed the broader crypto market today, May 7, with an impressive 12% gain and an intraday high of $93. This uptrend pushed the LTC price to a monthly high of $93.
NEAR price trades at $2.33 with a 2.7% surge in 24 hours and a staggering 45% surge in trading volumes. Its gains follow a spot NEAR ETF filing by Bitwise, which has fuelled speculation about an upcoming surge in institutional interest.
Why Are Crypto Prices Up Today?
One of the main reasons why DOGE, ADA, LTC, and NEAR prices are gaining alongside the broader crypto market is because of a short squeeze scenario, with data from Coinglass showing that more than $165M in short positions were liquidated within 24 hours. These liquidations caused a surge in buy-side pressure and fuelled upward momentum.
Crypto Market Liquidations
The optimism around a US-China trade deal being achieved soon is also driving a bullish momentum for crypto prices. Per Reuters, US Treasury Secretary Scott Bessent recently stated that representatives from the two countries will meet on Saturday to discuss “de-escalation.”
The trade tensions between the US and China have been linked to a weak financial market, and if this matter is laid to rest, crypto prices are bound to recover.
Lastly, the US dollar index is falling again and has slipped below 100, a move that may fuel demand for crypto assets. If this is the case, DOGE, ADA, LTC, and NEAR prices may register notable gains.
DOGE Price Tests $0.17 Resistance
After its recent gains, DOGE price is testing the resistance level at $0.17, which doubles as the 20-day EMA level. If it can make a close above this resistance and also breakout from the descending triangle pattern, it may spark an uptrend to the 200-day MA of $0.21. The RSI is supporting this outlook as it bounces above 50 to show that bulls are gaining strength.
DOGE/USDT: 1-day Chart
ADA Price Forecast as Bullish Breakout Looms
ADA price is also on the verge of gains as it teases a bullish breakout from a descending parallel channel on the four-hour chart. The AO histogram bars have flipped green, albeit remaining below zero, which is a sign that bears are growing weak. A breakout will be confirmed if ADA crosses above $0.68, which will pave the way for gains to $0.72.
ADA/USDT: 4-Hour Chart
LTC Price Eyes $128 Amid Bullish Trends
LTC price has been on a bullish continuation as depicted by the ascending parallel channel and the MACD that has crossed over to the positive side. The green MACD histogram bars further confirm a surge in buying pressure that a bullish Litecoin price prediction as the altcoin aims to break resistance at $94. Doing so will unlock the next bullish leg to $128.
LTC/USDT: 1-day Chart
NEAR Price Defends $2.27 Support as Bears Weaken
NEAR price is defending the support level at $2.27, as news of the recent spot ETF filing bolstered investor confidence and weakened the bearish momentum, as the AO histogram bars show. If NEAR can surge and overcome resistance at the 20-day EMA of $2.34 and more buyers step in, the altcoin will target $2.42.
NEAR/USDT: 1-day Chart
Summary
Crypto prices are up today, fuelled by multiple factors including a possible trade agreement between China and the US, surging short liquidations, and a weakening US dollar. Amid a positive market sentiment, DOGE, ADA, LTC, and NEAR have outperformed the rest of the market with notable price gains, as the technical outlook hints towards more gains.
The post Why are DOGE, ADA, LTC, & NEAR Prices Up Today? appeared first on CoinGape.
