Binance, a leading global cryptocurrency exchange, has expanded its trading offerings by introducing new altcoin pairs, highlighting the ever-evolving nature of the crypto landscape.
The introduction of the ACA/USDT cross-margin pair has garnered significant attention, resulting in a 5% increase in Acala’s price. With Acala now being offered as a borrowable asset in both Cross Margin and Isolated Margin services, speculation is rampant: Is Acala on the verge of reaching the $0.10 threshold?
Binance’s unwavering dedication to meeting the diverse demands of the crypto community positions coins like Acala for substantial gains. Binance’s strategic decisions have historically shaped the trends in the altcoin market, and this recent addition only underscores their influential role.
The ACA token has experienced a significant decline since its market debut, plummeting from $2.80 on January 25, 2022, to a staggering low of $0.030 by June 10, 2023, marking a 98% drop.
However, a resurgence began after June 10, with the price surging to $0.088 by July 4, marking a commendable 204% increase. Despite this upward movement, it remained below its previous peak and later settled at $0.040 on September 2, marking its first higher low. Currently, the price appears to be forming a symmetrical triangle, with today’s peak reaching $0.053. This hints at a potential bullish momentum as it approaches the triangle’s apex.
The daily chart’s Relative Strength Index (RSI) has been on the rise since October 12. It currently stands at 61%, indicating a strong bullish momentum.
Assuming ACA embarked on a broader uptrend on September 2, it’s possible we’ve already witnessed its initial two sub-waves. Our analysis suggests that the surge from October 12 could be the third wave, potentially driving a breakout.
Using the Fibonacci extension tool to project a potential target, the 1.618 level aligns with a price of $0.080. It coincides with a lower horizontal resistance. While a minor retracement might follow this third wave, another peak may arrive soon.
In the grand scheme, ACA’s price could approach the $0.10 mark during its fifth wave. This would mark its first significant peak and potentially heralding the onset of a bullish cycle for ACA.