As of now, many folks in the crypto space were still surprised by theincredible price ran of Cardano (ADA). It is the latest crypto asset that madeits price to burst in great proportions.
The surprising price has led many traders to ditch their LTC, XRP, orETH, and then, rush to buy ADA. With high trading numbers, the price of thecrypto even moves further up.
As of January 22nd, ADA is a new entry of the top performers in thecrypto market. The bears continue to protect the $0.0461161 overhead resistancelevel.
Since the 200-day SMA is positioned below that overhead resistancelevel, everyone should be more attentive to that level. In case that bullssuccessfully scale the ADA’s price above the $0.461161 level, the crypto assetcan potentially enjoy a momentum.
Once the ADA/USD pair broke the above $0.0461161 level, that will callfor a rally towards $0.0560221. Since the RSI is positioned in the positiveterritory while the 20-day EMA is flattening out, the advantage belongs to thebulls.
Meanwhile, the traders have to wait for the ADA’s price to close abovethe $0.0461161 level before attempting for long positions. As for the initialstop loss, it can be positioned under the $0.039 20-day EMA.
Apart from Ethereum, Ripple, and Bitcoin Cash, Cardano is among the top markets. That is despite the 96.74% collapse against the USD since the all-time high at above $1, and dozens of collapse percentage over Bitcoin. According to some analysts, the ADA’s price against BTC can reach a massive explosion.
It’s interesting to note that the market capitalization of ADA hasreached above $2 billion, which was just a few away from the topcryptocurrencies. With the culminated price rally of ADA, its market valueexploded to more than $12 billion, making it the sixth crypto-asset sittingbehind the BTC, ETH, BCH, XRP, and LTC.
More often, cryptocurrencies tend to surge big time after great announcements,like Ripple being adopted by a number of banks in Asia and BTC’s futurestrading. But, in the case of ADA, the rise does not result from hugeannouncements.
The increasing number of novice crypto investors is among the factorsthat pushed the massive price surge of ADA. These investors find Bitcoin to betoo expensive, the same way with the Dash, Ethereum, and Litecoin. Since noviceinvestors look for coins with lower valuation, they are attracted by ADA.
Furthermore, the crypto asset has been capitalized in Asia’s coremarket, mainly Japan and South Korea. In fact, ADA has experienced more than90% of the trading volume from the two countries. Aside from that, Binance andBittrex became the most important exchanges for the crypto.
Since smart contracts are aimed to be the future of crypto tech, ADAis expected to be among the biggest players in the crypto space. Some analystssee that ADA can possibly dethrone ETH in the near future.
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