The cryptocurrency market has begun the new week with a sharp rise as the majority of the coins are green.
Top coins by CoinMarketCap
ADA/USD
The rate of Cardano (ADA) has increased by 1.05% over the past 24 hours; however, this is far less than the growth of the main crypto.
ADA/USD chart by TradingView
Cardano (ADA) has bounced back the EMA 55 on the hourly chart. However, the growth was not accompanied by high trading volumes, which means that if it returns to that area, there is a high chance to see a breakout.
From another point of view, the ongoing rise may continue to the nearest local resistance at $2.062, where bears might again seize the initiative.
ADA/USD chart by TradingView
On the 4H chart, the situation is less positive as it could not fix above the zone of $2.050. If it breaks the EMA 55, the drop may lead ADA to the zone of the most liquidity around $1.979.
ADA/USD chart by TradingView
Cardano (ADA) made a false breakout of the $2 vital level. At the moment, bulls keep controlling the situation on the market. If the trading volume increases, the growth may lead the altcoin to the liquidity level at $2.140.
ADA is trading at $2.031 at press time.
Any financial and market information given on U.Today is written for informational purposes only. Conduct your own research by contacting financial experts before making any investment decisions.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.