Cardano Rebounds Towards $2.5 To Reclaim 3rd Spot From Tether, How Long Can It Hold?
October 01 2021 - 9:30AM
NEWSBTC
Cardano has begun another rally that has positioned it comfortably
above $2. This recent change comes after the digital asset had
taken a beating down over the past few weeks that has placed it in
a continuous downtrend. Cardano was not isolated in this as the
broader crypto market had seen numerous crashes and dips that
dragged their value down. But as the trading day draws open on
Friday, the crypto market has made significant recoveries that have
pushed the market back into the green. In the early hours of
Friday, ADA price climbed about 8% to once again break the $2.2
resistance. The brutal September market saw the asset close out the
month trading as low as $2.02, imposing significant sell pressure
on the market. The asset remains neutral on the 50-day moving
average and is down on both the 5 and 20-day moving averages.
Related Reading | EMURGO To Invest $100 Million In Cardano To
Bolster DeFi Adoption Indicators point to a test of the $2.5
resistance point if current momentum keeps up. With the new month
starting with a deviation from September trends, a balancing out
can be expected while the price rediscovers a bounce point to
kickstart another rally. As the market opens up for the first
trading day of October, it will be a tug-of-war between bears and
bulls as each side struggles to swing the price its way. Cardano
Shrugs Off Bears And Reclaims 3rd Position Cardano which had traded
lower than its new all-time for the better part of September had
finally lost its footing as the third-largest cryptocurrency by
market cap on Thursday. As the market suffered, Tether had bounced
back up to the third position while BNB and ADA traded in the red.
But this take-over was destined to be a short-lived one. Related
Reading | Charles Hoskinson To Launch Three-Time Grammy
Nominee Paul Oakenfold’s Album On Cardano Hours after Tether had
taken the third spot, the market had begun another recovery. Top
coin Bitcoin had recorded a recovery of up to 10% and the altcoin
market was quick to follow its lead. The market cap of ADA shot up
along with its growing prices, bringing its total market cap back
up above $70 billion. Pushing Tether back down. ADA price falls
from $2.24 | source: ADAUSD on TradingView.com ADA recovery still
remains threatened by bears until the asset finds its stronghold
following the sharp increase in price. Maintaining its hold at the
$2.2 trading range is crucial if the asset is to continue its
ascent towards $2.5. Cardano is trading at $2.21 at the time of
writing, losing about 2% of its recovered value in the early
morning. The market cap currently sits at $70 billion with a
24-hour trading volume of $2.8 billion. Featured image from
CoinCodex, chart from TradingView.com
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