Cardano, like all other cryptocurrencies, plunged in the aftermath of Bitcoin’s decline to a low of USD 1.00 on May 19. The ADA price surged by 40% to the north as a result of this support before the bears retaliated. Now the bulls must show that the countermovement was not merely technical, but that they can also reclaim the lead.
Popular Analyst Micheal van de Poppe believes Cardano will be one of the altcoins to skyrocket this year. He points out that Cardano made a “U” shaped inclination as it bounced back from its prior action.
Poppe swiftly noticed that Cardano(ADA) bounced back from the 3500 sats-mark. He said It’s in a bullish structure, the previous high is still holding support, making higher lows higher highs. This signifies a bullish continuation.
However, he also mentions a key level Cardano should breach in order to maintain the bullish momentum.
“Cardano breaking back up in which it should be flipping the 3800 sats level if it wants bullish continuation.”
In the wake of broader crypto market, Poppe says, to ditch a further decline the Total market capitalization for crypto has to break through $1.425 trillion, and then the next area can be tested at $1.75 trillion.
ADA Price Analysis
Cardano’s native token has recorded remarkable growth this year setting a new all-time high of $2.45 on May 16. The token in the last 24 hours has surged 1.8% as the cryptocurrency market tries to recover from its recent bearish run.
On the weekly chart, Cardano’s RSI is currently bullish or positive. After a healthy retracement from higher-level CMP at 45, the RSI is moving into the overbought zone. Another indicator MACD currently signals a mixed trend. This is due to the fact that the buyer’s signal line (green) and the seller’s signal line (red) cross.
At the time of writing, ADA is trading at $1.27 with a 24 Hour Trading Vol of $3,478,458,550 and a market cap of 40.47B.