Cardano Market Analysis: Market Rebounds as Bitcoin Surges

Cardano (ADA) is up by over 11% over the past 24 hours and currently trades at $1.5800 in the mid-Monday session. This bull run is the largest one so far since the start of June.

The recent market rally pushed Cardano’s market cap above the $49 billion price point. Regardless the market cap is still miles away from its highest point of $71.5 billion set in May. Also, the cryptocurrency trades down by -36.2% from its all-time high of $2.46 set on May 16.

Meanwhile, despite the current bull market, Cardano is still down by over 8% over the past seven days. At press time, the fifth-largest cryptocurrency has a 24-hour volume of $2.60 billion, which represents 2.63% of the total trading volume in the crypto market.

In other news, Bitcoin (BTC) has cleared the $40k barrier and is up by 13.6% over the past 24 hours, following a goodish tweet from Elon Musk. This surge in BTC is responsible for the broader bullish sentiment seen in the market today.

Bitcoin currently has a market cap of $750 billion and commands 44% of the total market capitalization.

Ethereum has also regained bullish momentum and is up by 9.4% over the past 24 hours, with a market cap of $290 billion, and dominates 17% of the total market capitalization.

Key Cardano Levels to Watch — June 16

Cardano posted a healthy rebound from the $1.4000 support yesterday thanks to the broader bullish sentiment in the market and reached a high of $1.5813. However, the cryptocurrency fell, once again, to the $1.5000 area, where dip-buyers took charge and sent ADA to a new daily high at $1.5856.

That said, we expect to see a bullish continuation over the coming hours and days to the $1.7000 resistance and higher points. Bearish moves from its current price point should get support from the $1.5467 support line, where our 200 SMA resides.

Meanwhile, our resistance levels are $1.7000, $1.8300, and $1.9500, and our support levels are $1.5000, $1.4000, and $1.3108.

Total Market Capitalization:$1.73 trillion

Cardano Market Capitalization: $50.2 billion

Cardano Dominance:2.89%

Market Rank: #5