Cardano (ADA), the native token of the smart contract platform of the same name, has joined the altcoins hitting new all-time highs this week.
ADA/USD 1-day candle chart (Binance). Source: TradingviewCardano underscores "alt season 2.0" appetite
In a move which an increasing number of large-cap altcoins are seeking to copy, Cardano gained impressively over the past few days, going from below $1.30 to the highs as sell-walls disappeared.
Now, analysts are eyeing short-term targets of $5 as Bitcoin (BTC) continues to range, giving fuel to an already lively altcoin scene.
"The thing I don't like on ADA right now: there was a lot of volume and now there's not," popular trader Scott Melker said in a note of caution during a market overview earlier in the week.
He added that the ADA/USD chart nonetheless still "looked fine" but that the pair was currently better suited to investors rather than short-term traders.
Against BTC, ADA remains far below its all-time high — a trait common to many altcoins despite their USD performance. ADA/BTC reached 0.000071 BTC in January 2018, and currently resides at 0.00003 BTC.
ADA/BTC 1-week candle chart (Binance). Source: TradingviewWhat's in a bull run?
As Cointelegraph reported, altcoin price action remains led by freak moves on tokens that have seen few or no events from a technical or adoption perspective.
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