on September 12. Sponsored Sponsored
s market capitalization touched $99 billion today. This consolidates the project into the 3rd position in the cryptocurrency market capitalization ranking, behind only Bitcoin (BTC) and Ethereum
ADA breaks through $3
Cardano has been rising since the July 20 low of $1.02 (orange circle). On August 23, the altcoin
set an all-time high (ATH) at $2.97 (red line). It then declined, validating the previous ATH at $2.47 on May 16 as support (green area). Sponsored
was minor as it only reached the 0.236 Fib retracement level. ADA then generated a bullish engulfing candle, consolidated for a few days to initiate another impulse in the morning hours today. ADA has broken through $3 and is continuing its uptrend. ADA chart courtesy of Tradingview
Technical indicators are bullish and supportive of further upside continuation. The RSI
fell below the 70 line during the consolidation, but is currently back in bullish territory. Moreover, the indicator has generated a hidden bullish divergence (blue line).
has been in bullish territory since early August and confirms the strength of the upward movement. <a href=”https://www.tradingview.com/symbols/ADAUSDT/?exchange=BINANCE”>ADA chart via Tradingview
In a tweet yesterday, cryptocurrency trader @cryptoskini published a short-term chart of ADA that includes an uptriangle formation. This pattern increases the probability of a bullish scenario, especially when it occurs in an uptrend.
According to the chart, the movement target for this pattern is the $3.60 area. As of this posting, ADA has already broken out of this pattern and is moving upwards.
The 4-hour chart of ADA indeed shows that it is following a rising support line that goes back to the August 10 impulse. The upward movement targets are the $3.38 and $3.95 areas. These targets are obtained using the outer 1.618 and 2 Fib retracement measured for the entire downward movement from May to July 2021.
Cardano already worth $99 billion
The bullish price action is a consequence of Cardano’s growing market capitalization. According to data from CoinGecko today, the project’s value briefly reached a record $99 billion. Cardano consolidates its place on the podium of the largest cryptocurrencies, second only to Bitcoin ($942 billion) and Ethereum ($441 billion).
The rise in the ADA price coincides with the anticipation of Alonzo’s hard fork, which is set to launch on September 12. In a recent vlog, Cardano creator Charles Hoskinson said that “everything is green and ready for launch.”
To read the latest analysis of Bitcoin (BTC) by BeInCrypto, <a href=”https://beincrypto.co.uk/bitcoin-btc-remains-optimistic-about-small-support/”>click here.
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