Cardano’s ADA token got here near its highest in two months on Aug. 10 as every day positive factors neared 6%.
Cardano bulls battle $1.60
One of many high performers within the high fifty cryptocurrencies by market cap, Cardano was but to beat multi-month resistance at round $1.60 on the time of writing.
Nonetheless, efficiency was spectacular, catching the eye of veteran dealer Peter Brandt who keenly eyed latest energy.
“New growth in Cardano ADAUSD. The advance by way of the July 4 excessive goes an extended solution to negate the potential bearishness of the H&S high on this crypto,” he told Twitter followers in an replace on the day.
Brandt referred to a recent head & shoulders construction on ADA/USD, which the run to the highs of Aug. 10 had helped overcome.
Fellow trader and Cointelegraph contributor Michaël van de Poppe was similarly upbeat on the future price odds.
“Good bounce of Cardano, but didn’t break the downtrend yet. Looks good,” he summarized.
ADA/USD noticed its all-time highs of $2.50 on Might 16, coinciding with a turning level throughout altcoins as Bitcoin fell because of the China-inspired miner exodus and the related lack of hash fee.
Altcoins take pleasure in Bitcoin beating positive factors
ETH/USD stood at $3,110 on the time of writing, up 25% versus seven days in the past and recent off native highs of almost $3,200.
As Cointelegraph famous, the entire cryptocurrency market cap passed $1.9 trillion for the first time this week since Might, nearing the numerous $2 trillion mark as soon as once more.