Cardano’s ADA token approached $ 2.40 on May 15, while only few altcoins resisted the bearish mood to steal the limelight from a weak Bitcoin (BTC).
ADA on price discovery as $ 2.50 approaches
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Traders had suspected that the long-awaited $ 2 would come into play in the short termas the Cardano bulls had knocked down resistance in one fell swoop overnight on Friday.
With the $ 2 resistance out of the way, the price discovery mode was activated, providing the new all-time highs before a period of consolidation began around $ 2.30.
Cardano was even giving some previously successful altcoins like Ether (ETH) some competition, while most tokens saw losses on Saturday.
“$ADA is now bridging the gap between $ ETH and Altcoins Cap Market“, he pointed the popular trader and analyst Rekt Capital back in the day.
“ADA is now up more than 80% compared to ETH and Altcoin Capitalization Market which are both up more than 150%.”
- According to Binance Research, 55 percent of users own cryptocurrencies as long-term savings
PlanB on BTC Price: We’re ‘Excited’
Alongside Cardano there were only a few large-cap altcoins, led by Polygon (MATIC), which offered 24-hour gains of 24% and weekly returns of over 130%.
VORTECS ™ data from Cointelegraph Markets Pro began to spot a bullish outlook for MATIC on May 12, ahead of the recent price hike. VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter
As seen in the graphic above, VORTECS ™ Score peaked at 93 on March 12 before dropping to the 60 range over the next 48 hours as the MATIC price consolidated in an adjusting range..
According to data from Cointelegraph Pro NewsQuakes, on May 14 the exchange Kraken announced that it would be listing MATIC, GHST and RARI and a second NewsQuake highlighted that the deposits and trading of MATIC had started.
Hours before both NewsQuakes announcements, the VORTECS ™ score began to rise, hitting a new high of 99 on May 15 as the price of MATIC rose to $ 1.89.
Others like Dogecoin (DOGE) and Ethereum Classic (ETC), posted slight losses, in line with the general trend. The price of Bitcoin, having regained some of the ground lost after falling 20% earlier in the week, remained near the lower end of its trading range without managing to regain $ 50,000.
- Open interest in Cardano (ADA) futures is approaching $ 1 billion, is another price drop looming?
However, in the short term, fellow trader Scott Melker highlighted the Bullish signals from Bitcoin’s Relative Strength Index (RSI), something that could spell a more robust advance in the coming days.
For PlanB, creator of the family of stock-to-flow pricing models for BTC, RSI behavior was “typical” and comparable to the range seen before the BTC / USD pair hit all-time highs in late 2017.
“Bitcoin Relative Strength Index (RSI): we are in the typical mid-cycle decline of the RSI (yellow circles), between 2013 and 2017“, commented next to an attached graphic.
“Excited for the next few months.”
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Cardano Breaks $ 2 Resistance As Bullish Signals For Bitcoin Price Appear