Bitcoin’s potential rise to $10,000 against the ongoing Coronavirus frenzy may have been limited by one of its rival cryptocurrency projects.
Cardano, or ADA, surged by close to 10 percent against the benchmark cryptocurrency on Tuesday, registering a fresh top near 588 sats. The move pushed the ADA-to-BTC exchange rate to its eight-month high, also inching closer to a long-term technical resistance that kept the pair in an overstretched consolidation phase.
The wild upside swing followed CEO Charles Hoskinson’s announcement of entering partnership PwC, a $42.4 billion global giant. The senior executive revealed that PwC could utilize Cardano’s blockchain within its network of professional services, which includes assurance, tax, and consulting to 420 out of 500 Fortune 500 companies.
Traders took cues from Mr. Hoskinson’s announcement and started increasing their exposure in Cardano blockchain’s native asset, ADA, thereafter. As a result, the token registered fresh gains in both the US dollar and bitcoin markets.
Against the dollar, in particular, ADA surged by as much as 13.75 percent on a 24-hour adjusted timeframe (data from CoinMarketCap).
Cardano Technical Resistance
The latest push to the upside took ADA to test its long-term technical resistance – the upper trendline of a slightly-ascending channel, as shown in the chart below.
Cardano’s ADA testing a strong resistance level before it confirms a breakout | Source: TradingView.com, Binance
As of late, the ADA-to-BTC exchange rate was declining upon testing the greened upper trendline. The corrective mood showed traders’ inclination to remain capped by technical levels despite solid fundamentals backing them. That said, even though Cardano’s bullish move was spectacular, the cryptocurrency expressed its tendency to fall back.
Profit-taking at local tops could also be one of the key reasons why ADA’s intraday pump didn’t translate into a full-fledged breakout. Nevertheless, the cryptocurrency could likely benefit from a market-wide bullish scenario, driven partially by speculation over bitcoin’s role as a safe-haven against the fears of the Coronavirus outbreak.
Falling Wedge – Another Bullish Case
Noted market analyst Crypto Rand indicated that Cardano’s latest recovery was also a part of a technical breakout from a long-term Falling Wedge pattern.
In retrospect, the Falling Wedge technical indicator serves as a bullish scenario. Experts believe its formation during a downtrend eventually leads to solid upside breakouts. Crypto Rand shows that ADA has been in one like it lately, as shown in the chart below.
Cardano’s breakout from a Falling Wedge pattern in play | Source: Crypto Rand
The technical indicator aims to send the ADA rate to the upper greened channel – near $0.060.
With both technical and fundamental scenarios flashing a buying scenario, it is likely that Cardano is coming out from its overlong consolidation phase, registering a real recovery as it heads further into the year 2020. The post appeared first on NewsBTC. origin »
During the past week, the total volume of transactions larger than $100,000 in ADA surged exponentially. Data from IntoTheBlock also revealed that while the overall amount of Cardano transactions has been steady, the volume is increasing, which could be later reflected in its market value.
In 2019 to date, Bitcoin price has registered an increase of 145% as it trades near $9,300 BTC/USD level. Unlike the leading cryptocurrency, top cryptocurrencies like Ethereum (34. 7%), EOS (28. 8%), Tron (1.
Cardano has in the last 24 hours come out as the highest gainer in the top 20 cryptocurrencies. This digital asset has surged by more than 5% at the time of press, seeing it climb above a critical resistance of $0.
Monero Price Analysis (XMR/USD) On an intraday chart, XMR/USD has experienced significant loss over the last 24hrs. The bearish pressure was bolstered by the 21 day moving average that strongly traded above the 7 day moving average throughout the intraday.
Cardano Price Analysis (ADA/USD) ADA/USD pair has taken a bullish rally in the last 24hrs. The pair’s price has surged up by 3. 3%, having moved from $0. 0645 to the current price rate of $0. 0667 over the previous 24hrs.
Bitcoin (BTC/USD) During the last 24 hours, the price of BTC/USD has impressively surged by 13. 7%. Having begun trading at $9889. 6 and is currently at $11464. 0. The bullish outlook was reflected by the 7-day moving average that is currently gravitating above the 21-day moving average.
Crypto markets hit another high; Ethereum, Stellar, Cardano, ETC and NEM on fire. Market Wrap Yet again crypto markets have surged to a new high for the year. This time the altcoins are in control as Bitcoin remains steady above $8,000.
With Blockchain week in full swing and several announcements buoying the market, the overall capitalization surged over $245 billion for the first time in months. At the head of this rally is XRP, which is making immense gains after trailing competing coins for most of 2019.
By CCN. com: Crypto assets mostly rose Tuesday as a dominant bitcoin jumped to its highest level since November 2018. The combined valuation of some 2,132 cryptocurrencies today attracted more than $4 billion in investments.
The total crypto market cap rallied more than 30% and broke the $165. 0B resistance. Litecoin (LTC) price climbed more than 25% and broke the $75 resistance. Bitcoin cash price surged close to 50% and traded above the key $250 resistance.
Cardano, the tenth largest cryptocurrency on CoinMarketCap had a decent rally over the past few days. The price of the cryptocurrency surged by 133% since December 16, 2018. However, the rally seems to be coming to an end as price candles have formed at the end of the ascending channel/rising channel.
EOS is surging ahead of other top cryptocurrencies this Wednesday. The EOS protocol’s native token established a fresh session high at $4. 11, up 11. 68-percent from today’s open. In contrast, Bitcoin, Ethereum, XRP, and other top coins managed gains between 2- and 7-percent, barring Cardano’s ADA, which surged up to 10-percent.
In the last 24 hours, the bitcoin price recovered beyond the $4,000 mark as alternative cryptocurrencies in the likes of Cardano (ADA) and EOS surged by more than 10 percent on the day. Many tokens and crypto assets including Nuls, Wanchain, Ontology, Crypto.
The collective cryptocurrency market surged and broke the $140 billion mark for the first time in a week, as major coins turned green. Bitcoin [BTC] and Litecoin [LTC], the first and fourth largest virtual currencies in the market, saw commendable gains as EOS and Cardano [ADA] took the market by storm.
On the back of a bullish week following a slew of announcements, Cardano [ADA] surged once again. Cardano rose to become the second highest gainer in the elite coins, behind EOS. The primary reason speculated for the surge in prices is the integration of the coin on the new Ledger Nano S, by the French […]
The post Cardano [ADA] pumps by 7% following Ledger Nano S support hint and Binance stablecoins-pair launch appeared first on AMBCrypto.
For the last couple of days, Bitcoin has hardly had any intriguing movement. Since the leader surged above $4,000 and found resistance around $4,090, the coin has remained in this range for more than a week.
Key Points The total crypto market cap is showing positive signs and it recently moved towards $135. 00B. Bitcoin cash surged higher by more than 50% and broke the $200 resistance. Tron (TRX) cleared the $0.
Key Points The total crypto market cap spiked towards $125. 00B before correcting lower. Stratis (STRAT) rallied more than 40% and traded above the $1. 30 resistance. Bitcoin cash surged higher and broke the $120 and $128 resistance levels.
Key Points The total crypto market cap climbed higher and broke the $120. 00B resistance. Litecoin (LTC) price rallied recently and broke the $30 resistance level. Bitcoin cash price surged more than 25% and cleared the $110 resistance.
Key Highlights ADA price surged towards the $0. 2000 level before starting a downside correction against the US Dollar (tethered). There is a significant bullish trend line formed with support at $0.
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