While the cryptocurrency market mostly remains unaltered for quite some time, Cardano (ADA) price surges another 11% today. This is the last rally in what is now a bullish price movement that lasts for 111 consecutive days. With such a pump, Cardano firmly broke into the top 10 cryptocurrencies on CoinMerketCap.
The full move from $0.022 recorded on March 12th to the current $0.093 marks the 320% rise. On March 13th, on some exchanges, for a brief moment, Cardano went even below the mentioned bottom towards $0.001. That means that those who used that moment to acquire some ADA, are now looking at the 10,000% profit. This price is the year’s high by far as ASA reached these fights on June 27th, 2019.
Moreover, this rally might not be the last one. The ADA/USD daily chart below shows that the RSI indicator hasn’t reached the overbought terrain yet, which means that there is still a possibility for Cardano to rise towards the psychological resistance of $0.1. Furthermore, the MACD indicator visible on the same chart has just revealed the golden cross, which is usually a bullish signal.
On the other hand, if investors fail to push the RSI above 70%, despite the latest rally, this would mark a clear swing rejection, which would be a strong sell signal close to $0.1.
Why is Cardano Price Surging?
Except for the pure technical reasons, there are a lot of fundamentals pushing the price of ADA upwards. The founder of Cardano, Charles Hoskinson, is everpresent in the media lately as his IOHK company is drawing closer to fulfilling their roadmap. Of course, with one of the most ambitious projects in the market, Cardano has a really hard job of living up to the expectations. However, the upcoming release of the Shelly upgrade might just be what investors are looking for.
Furthermore, the Cardano Virtual Summit 2020 – Shelly Edition will happen on June 2nd and 3rd. It will be a fantastic opportunity for supporters to hear what they can expect from the project. With speakers like Vinton G. Cerf, Charles Hoskinson, and Aggelos Kiayias, there are many goodies that await those who attend.
Looking at the exiting ADA future, even this price can be considered as undervalued in the long-run. On the other hand, investors possibly took the old advice and decided to “buy the rumor and sell the news”.
The Rest of the Market Still in the Horizontal Movement
Meanwhile, other top cryptocurrencies are struggling to gain some value. Bitcoin is still just above $9,000 while it bounces between $9,800 and $9,000 for the last 20 days.
BTC isn’t the only one struggling in the immediate post-halving time. The top 20 cryptos also didn’t move much while they failed to climb more than 3% in the last 24 hours. This obvious stalemate is something many investors didn’t expect, and it is quite possible that if it prolongs further, the moderately positive market sentiment might start to decline.
What do you think about the future of Cardano? Tell us in the comment section below. We’d love to hear your opinion.
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