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Cardano (ADA) Keeps Afloat as Crypto Market Flounders

Concept photo Business man points his finger at Cardano ADA

Monday morning saw the crypto markets open in a fair amount red, with leading assets Bitcoin (BTC), Ethereum (ETH) and XRP all down between one to two percent. Other coins such as EOS and Litecoin (LTC) were hit slightly harder, with almost four percent losses for both.

Cardano (ADA), on the other hand, is faring very well amongst the receding tide, exhibiting strong 5.7 percent gains in the past 24 hours. It’s one of the few coins trading in the green today as the overall cryptocurrency market dips back below $130 billion, losing gains from a strong weekend rally.

Two days ago, the Cardano Foundation released its testnet for the upcoming Cardano 1.5 update. The release includes the new consensus protocol, Ouroboros BFT, as well as a new version of the Daedalus wallet and a settlement layer upgrade. If tests prove to be successful, the full upgrade will be released on the Cardano mainnet in late March or early April.

ADA Analysis

After a week of consolidation around the $0.045 level, Cardano’s ADA token is finally making some positive upward movements. Despite a brief spike yesterday that pushed the RSI into undersold territory, technicals indicate a strong possibility of continued growth over the next few days – not only have support levels increased but both moving averages are facing upward.

It’s currently trading at slightly above $0.48, the highest it’s been in weeks and on course to make a new 2019 high if it continues upwards. Having already tested the $0.48 resistance level, it’s possible it could now find support to break above the monthly declining trendline.

In the long term, a break above the $0.052 resistance level would be a strong indicator of a new pattern forming, one that should continue to trade in the $0.050 to $0.060 range going forward.

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