Cardano Market Analysis: Bullish Sentiment Remains
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Cardano (ADA) has posted a healthy rebound above the $1.5500 level in the early hours of Wednesday, following a 2% slip the session before. Nonetheless, trading volume and volatility are still on the weaker side, while the cryptocurrency currently trades at $1.5650.
Even though the long-term prospects for Cardano are significantly bullish, the cryptocurrency could experience some transitory weakness amid the current uncertainty plaguing the crypto industry. Meanwhile, some bearish pressure is also getting built as sellers take profit from the recent dip and as the price struggles to break the $1.6000 resistance.
In the fundamental scape, there is significant bullish strength brewing for the fifth-largest cryptocurrency in the near term. Just last week, IOHK, the host company of Cardano, announced a successful test run of the Plutus Smart Contract on the Alonzo Blue testnet. This announcement sparked a frenzied excitement in the crypto space as the “Ethereum-killer” readies to compete with the giant DeFi-provider.
IOHK took to social media to announce another update about Alonzo Blue 2.0’s testnet for the Cardano network. This upgrade is just one in several undergone by the Cardano network to enable it to provide Smart Contract support, which should give it an edge over Ethereum and other competitors as it attracts DeFi projects to its blockchain.
Key Cardano Levels to Watch — June 16
ADA has traded erratically over the past 24 hours, swaying from the $1.6120 high to the $1.5280 low and now back above the $1.5600 level. That said, yesterday’s decline got restricted by the 200 SMA, indicating that the 200 SMA is reliable as support as the cryptocurrency battles to regain bullish dominance.
A sustained break above the $1.6000 resistance, supported by the 50 and 200 SMAs, should help ADA reclaim the $1.7000 level and higher over the coming hours and days.
Meanwhile, our resistance levels are $1.6000, $1.6500, and $1.7000, and our support levels are $1.5500, $1.5000, and $1.4450.
Total Market Capitalization: $1.72 trillion
Cardano Market Capitalization: $50. billion
Cardano Dominance: 2.9%
Market Rank: #5
Note: new.cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
