The altcoin market cap has been in a strong uptrend. Cardano and other altcoins had a volatile start to the year, but since January 1st, they rallied 9.93% from $93.4k to $102.7k before plunging 7% over the past 24 hours. At press time, BTC was trading at $95.5k. The data showed that ADA, XLM, and INJ were the standout performers of the past week, rising by 19%, 29%, and 22% respectively. Their price action was strongly bullish in the short term.
The 2-hour chart showed that their performances were quite similar in the past week. In the short term, these are the support levels to watch for the compared altcoins. Cardano bulls would aim to defend the $0.94-$0.95 zone, while Stellar would likely offer a good buying opportunity at $0.41-$0.42. Injective has a strong short-term support zone at $22.67-$22.95, which could trigger a bullish reaction. The altcoin market cap has been in a strong uptrend, and the positive performance of Cardano and the others is likely to continue in the coming weeks. These three altcoins have demonstrated relative strength compared to the rest of the market, and their price performance should be viewed as firm bullish intent from market participants