Cardano has flipped Binance Coin to become the third-largest cryptocurrency by market cap and is now targeting more gains
The cryptocurrency market has enjoyed an excellent performance in August. Bitcoin is trading around the $50,000 mark after dropping below $30,000 last month. Ether has also rallied over the past few weeks, recovering from the slump below $2,000 to now settle close to the $3,400 mark.
However, one of the best performers over the past few weeks has been Cardano. The cryptocurrency has enjoyed a massive rally that saw it topple Binance Coin (BNB) to become the third-largest crypto by market cap.
Cardano could increase the gap existing between itself and BNB if the current rally is sustained. Analysts are optimistic about ADA’s short-term price performance, with some of them expecting it to trade around the $3.50 region in the coming hours or days.
https://twitter.com/CryptoMichNL/status/1429941523978805253
ADA price outlook
The ADA/USD 4-hour chart is one of the most bullish amongst the leading cryptocurrencies. ADA is up by 2.5% over the past 24 hours and is only outperformed by Solana amongst the top 10 cryptocurrencies.
At time of writing, ADA is trading around the $2.90 region, and it could record further gains over the coming hours. If the current momentum is maintained, ADA could surpass the first major resistance at around $3.10 over the next few hours.
Currently, Cardano’s technical indicators are very bullish. The RSI of 59.36 shows an overbought situation while the MACD line is clearly in the bullish territory. The indicators point to possible further growth in the market.
ADA/USD 4-hour chart. Source: TradingView
However, to ensure it reaches the second major resistance around the $3.50 mark, Cardano would need the support of the broader cryptocurrency market. The market is slowly pulling back after rallying for most of last week.
If ADA is unable to surpass the $3.10 mark, it could retreat towards the first major support level around $2.58. Unless there is an extended market sell-off, Cardano should comfortably steer clear of its 100 simple moving average (SMA) around the $2.35 region.
Cardano has flipped Binance Coin to develop into the third-largest cryptocurrency by market cap and is now focusing on extra positive factors
The cryptocurrency market has loved a wonderful efficiency in August. Bitcoin is buying and selling across the $50,000 mark after dropping under $30,000 final month. Ether has additionally rallied over the previous few weeks, recovering from the hunch under $2,000 to now settle near the $3,400 mark.
Nonetheless, among the best performers over the previous few weeks has been Cardano. The cryptocurrency has loved a large rally that noticed it topple Binance Coin (BNB) to develop into the third-largest crypto by market cap.
Cardano might enhance the hole current between itself and BNB if the present rally is sustained. Analysts are optimistic about ADA’s short-term value efficiency, with a few of them anticipating it to commerce across the $3.50 area within the coming hours or days.
https://twitter.com/CryptoMichNL/status/1429941523978805253
ADA value outlook
The ADA/USD 4-hour chart is without doubt one of the most bullish amongst the main cryptocurrencies. ADA is up by 2.5% over the previous 24 hours and is barely outperformed by Solana amongst the highest 10 cryptocurrencies.
At time of writing, ADA is buying and selling across the $2.90 area, and it might report additional positive factors over the approaching hours. If the present momentum is maintained, ADA might surpass the primary main resistance at round $3.10 over the following few hours.
At present, Cardano’s technical indicators are very bullish. The RSI of 59.36 reveals an overbought scenario whereas the MACD line is clearly within the bullish territory. The symptoms level to potential additional progress available in the market.
ADA/USD 4-hour chart. Supply: TradingView
Nonetheless, to make sure it reaches the second main resistance across the $3.50 mark, Cardano would wish the assist of the broader cryptocurrency market. The market is slowly pulling again after rallying for many of final week.
If ADA is unable to surpass the $3.10 mark, it might retreat in direction of the primary main assist degree round $2.58. Until there may be an prolonged market sell-off, Cardano ought to comfortably keep away from its 100 easy shifting common (SMA) across the $2.35 area.
