Wednesday, January 19, 2022

Cardano faces $1.60 resistance after ADA price hits 2-month highs

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Cardano’s ADA token got here near its highest in two months on Aug. 10 as every day positive factors neared 6%.

Knowledge from Cointelegraph Markets Pro and TradingView confirmed ADA/USD difficult resistance to achieve $1.59 — its highest since June 15.

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.

“Actually, this value motion could be considered as bullish so long as value stays above 1.25.”

ADA/USD 1-day candle chart (Binance). Source: TradingView

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.

Against Bitcoin (BTC), ADA put in a powerful return after in search of a retest of help, Van de Poppe said Monday.

ADA/BTC 1-day candle chart (Binance). Supply: TradingView

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

On weekly timeframes, many altcoins outperformed Bitcoin’s 18.5% positive factors, boosted by Ether (ETH) within the aftermath of its profitable London hard fork deployment.

Associated: Price analysis 8/9: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LINK

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.

ETH/USD 1-day candle chart (Bitstamp). Supply: TradingView

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.