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

Cardano joins the cryptocurrencies battling pivotal resistance zones after beating out bears lower down in a broad market comeback.

Cardano’s ADA token came close to its highest in two months on Tuesday as daily gains neared 6%.

Data from Cointelegraph Markets Pro and TradingView showed ADA/USD challenging resistance to reach $1.59 — its highest since June 15.

Cardano bulls battle $1.60

One of the top performers in the top fifty cryptocurrencies by market cap, Cardano was yet to overcome multi-month resistance at around $1.60 at the time of writing.

Nevertheless, performance was impressive, catching the attention of veteran trader Peter Brandt who keenly eyed recent strength.

“New development in Cardano ADAUSD. The advance through the July 4 high goes a long way to negate the potential bearishness of the H&S top in this crypto,” he told Twitter followers in an update on the day.

“In fact, this price action can be viewed as bullish as long as price remains 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 Tuesday’s highs 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 strong return after looking for a retest of support, Van de Poppe said Monday.

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

ADA/USD saw its all-time highs of $2.50 on May 16, coinciding with a turning point across altcoins as Bitcoin fell due to the China-inspired miner exodus and the associated loss of hash rate.

Altcoins enjoy Bitcoin beating gains

On weekly timeframes, many altcoins outperformed Bitcoin’s 18.5% gains, boosted by Ether (ETH) in the aftermath of its successful London hard fork deployment.

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

ETH/USD stood at $3,110 at the time of writing, up 25% versus seven days ago and fresh off local highs of nearly $3,200.

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

As Cointelegraph noted, the total cryptocurrency market cap passed $1.9 trillion for the first time since May this week, nearing the significant $2 trillion mark once again.

Go to Source

Leave a Reply

Your email address will not be published.