Cardano breaks out vs. Bitcoin as ADA price discovery nears $2

Friday 07 May 2021, 10:48 PM AEST - 1 month ago

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.

e2118a70-3a9c-4e17-988d-358aab18a3db.pngADA/USD 1-day candle chart (Binance). Source: TradingviewCardano underscores "alt season 2.0" appetite

Data from Cointelegraph Markets Pro and Tradingview showed ADA/USD hitting over $1.70 for the first time on May 7.

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.

4f150b6f-fb2c-4177-85f4-096f6e5fae9e.pngADA/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.

First Dogecoin (DOGE) and then Ethereum Classic (ETC) became standouts, the latter seeing all-time highs of its own on Frida ...

Read full story on Cointelegraph

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.