- Cardano soared by 50% from its past dips.
- Also, it overtook XRP to reach the 6th position in market value.
- ADA is currently following trendline support, with the current price of $0.6744.
Today, Charles Hoskinson’s Cardano (ADA) rallied over 50%, passing XRP to reach the sixth rank among the top cryptocurrencies by market value. According to CoinMarketCap, the coin now trades at $0.6744, with a hike of over 24.8% in the past 24 hours and 23.7% in the past seven days.
JUST IN: #ADA has flipped #XRP to become the 6th largest cryptocurrency in the world by market value.— Watcher.Guru (@WatcherGuru) May 31, 2022
Diving into ADA price, the coin is signaling a closer bullish trend of 50% up from its previous lows. ADA has been in trendline support since May 28, with a sudden surge today. In the past day, it was registered at $0.52, which was expected to surge in the coming days. ADA has promised this prediction, as it surged today.
ADA/USDT 1-month Chart (Source: TradingView)
However, Cardano has been gradually tumbling in its monthly trading performance. As shown in the monthly chart, the price fell till May after its all-time high in September 2021. In these nine months of fall, Cardano signaled green only in March 2022.
ADA/USDT 1-day Chart (Source: TradingView)
Significantly, if Cardano follows the current uptrend, it is expected to cross its first support level of $0.74 and break the $1.2 resistance zone. In the daily trading chart of Cardano, it is visible that there are frequent upticks and downticks, in a ‘U’ shaped pattern. If this pattern is followed in the coming days, Cardano’s price might have frequent trends, although the price of any crypto is uncertain.
Moreover, the official Twitter (NYSE:TWTR) page ADA whale posted that the team is at the point where traders realize ADA is not the type of asset to play games (not valueless). The post further read, “The other side of your trade is buyers with BTC-like conviction. Yea sometimes it goes down but do you feel lucky to avoid the 24h +30% god candle?”
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.