Connect with us

Analysis

Cardano [ADA] storms into the top-10 by recording a 4 percent hourly gain; is a breakout imminent?

Avatar

Published

on

Cardano [ADA] surges into the top-10 following 4 percent hourly gain; breakout imminent?
Source: Unsplash

Cardano [ADA] is one of the lesser talked-about coins, despite months of incredible performances that have been overshadowed by the likes of the Bitcoin [BTC] bulls, Binance Coin’s [BNB] ATH breach and Litecoin’s [LTC] halving surge. Contrary to the status quo, the collective market’s sideways movement has been a firm testing ground for the recent ADA breakout.

Witnessing a massive 4.39 percent hourly gain, the cryptocurrency stormed into the top-10 by replacing the secondary Bank Coin, Stellar Lumens [XLM]. From a 24-hour perspective, ADA posted a 10.94 percent gain. Surprisingly, Cardano saw its price skyrocket by over 14 percent over the week.

Source: TradingView

A major chunk of the weekly rise began as Bitcoin fell short of the $8,000 mark, providing an impetus for the altcoin market to take charge that resulted in Litecoin’s and ADA’s ascent. On June 10, ADA rose from $0.078 by 8.98 percent to reach $0.085 in a matter of 14 hours. Following the spike, the cryptocurrency began trading sideways till 1600 UTC on June 11, when the recent surge began, albeit in two cycles.

As a result, the coin surged to $0.089 that ultimately settled in $0.093, at press time. Since the surge began, the cryptocurrency added over 19.2 percent in less than 24 hours. Moreover, the market capitalization of the cryptocurrency rose by over $400 million over the same time period, and stood at $2.42. The exchange accounting for highest ADA volume was Huobi Global, taking 22.19 percent of volume in the pair ADA/USDT. However, the highest ranking exchange with “real” volume was Binance on the third spot, holding 9.9 percent of the global volume.

Source: Twitter

Given this massive, swift and deviating price surge, an ADA breakout is imminent. As charted out by GalaxyBTC, a self-described “Cryptocurrency accumulation machine,” ADA is poised for yet another bullish rise. Looking at the ADA/BTC chart in terms of 4-hour price change, a key breakout point has been surpassed, which could mimic a past breakout that took ADA to 0.0000191 BTC. To put that figure into context, the current price of ADA in BTC is 0.0000111.

The recent rally broke the same “breakout + retest” line as it did three months ago and if this continues, the price could skyrocket to the aforementioned BTC expressed price of 0.0000191. In terms of value, ADA was priced at $0.098, its highest price since September 2018.

From a year to date [YTD] approach, this rising peak will be the cryptocurrency’s fifth peak in the year, although the first notable rise was seen only in April. The second peak saw the coin briefly pass the April high. However, it dropped soon enough. Following this, two close-quartered peaks were seen in late May at $0.095 and $0.097, which then led to June’s rise, which is speculated to peter out prior to reaching $0.1.





Subscribe to AMBCrypto’s Newsletter


Bitcoin

Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla

Published

on

Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.





Subscribe to AMBCrypto’s Newsletter


Continue Reading