Cardano surges 30% in March to find a spot among the top 10 major cryptos
|- According to the hourly ADA/USD chart, we see a sustained uptrend above the trendline support.
- ADA/USD is currently trading above both the 50 SMA and the 100 SMA on the same 1-hour chart.
Cardano has been on an upward trajectory since the beginning of March. Over the last three weeks, the crypto has increased 35% to trade at $0.066 at the time of press. In the last 24 hours, Cardano has witnessed a 10% rise.
Analysts in the market believe that altcoins are trying to earn their independence from Bitcoin. Take Binance Coin, for example, it has ignored the bear Bitcoin trend to record gains in the excess of 200% since the beginning of 2019. Similarly, Bitcoin dominance continues to decrease. According to the data on CoinMarketCap, Bitcoin market share is barely holding on to 50%. This is indeed the altcoin season of 2019.
As reported by FXStreet, Cardano Mainnet 1.5 was recently launched. The new development is believed to be the reason behind the ballistic rise in the value of the coin.
According to the hourly ADA/USD chart, we see a sustained uptrend above the trendline support. In spite of the lock-step trading, Cardano has been able to record higher highs and higher lows over the last three weeks. Towards the end of last week, there was a bullish momentum that broke above $0.060 but failed to make headway above $0.065.
A retracement from the weekly high found support at $0.560 before yesterday’s spike. ADA/USD is currently trading above both the 50 SMA and the 100 SMA on the same 1-hour chart. The momentum to the upside seems to have stalled and sideways trading is currently taking over. Various support areas will prevent declines in the event of a trend reversal at $0.06, trendline and 0.0560.
ADA/USD 1-hour chart
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