The market is turning green again today with some big risers here and there. The bitcoin (BTC) rate has arrived again at an important resistance and cardano (ADA) is breaking through the $2. In this article an update of the current state of affairs on the markets!
Cardano (ADA) price overtakes tether, approaches Binance coin (BNB)
We’ll start with cardano, which has seen a significant increase in recent days. A few days ago, ADA was still trading below $1.50, but at the time of rising cardano is already worth $2.04.
Compared to 24 hours ago, cardano has increased in value by 16.7%. In the past 7 days, ADA is even almost 50% in the plus. The altcoin has risen a number of places in the ranking again and overtook stablecoin tether (USDT) today. Cardano is now the fourth largest cryptocurrency and is now even approaching Binance coin (BNB).
The increase in cardano probably stems from the developments within the project. Smart contracts seem to be coming and today should be a release date for this update. However, traders should continue to pay close attention.
If we look at the daily chart of ADA, we see the Relative Strength Index (RSI) pretty deep in it overbought area. A correction is therefore increasingly likely as the market begins to overheat. In addition, there is of course the buy the rumour, sell the news effect. As soon as the actual news comes out today, it is quite possible that a correction will take place.
Bitcoin knocks back at $46,500
Bitcoin is also doing well today and is up 4.3%. The price has risen again after the recent correction and is trading at a price of $46,500 at the time of writing.
Here lies a resistance zone where bitcoin has knocked twice before since August 9. So the hope is that after a third test, the bulls finally manage to break through this resistance!
For a more in-depth technical analysis you will find here’s the weekly column from Michael, and here is the altcoin price update from John van Meer!
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