Cardano Flips Dogecoin To Become 4th Largest Asset
Cardano price earlier surpassed the milestone at $2 with an accelerated rally, aiming to touch new high very soon. The historical bull rally for a couple of days manifested the asset’s tendency to grab the attention of the whole crypto space.
Launched in 2017, the asset underwent a pretty huge consolidation phase since it plunged heavily in 2018 after gaining heights. Yet the ADA community stood strong and believed the price would witness a huge parabolic movement soon.
Due to the eye-catching rally, the gap between the market capitalization of the altcoin market and Ethereum has shrinked as said by an analyst RektCapital. This clearly signifies the growing strength of the other altcoins and hence the crypto space is not only about Bitcoin or Ethereum.
$ADA is now narrowing the gap between $ETH & Altcoin Market Cap#ADA is now up +80% compared to #ETH and Altcoin Market Cap which have both rallied +150%#Cardano https://t.co/asKmaJ30Jd pic.twitter.com/zHFUiNflIh
— Rekt Capital (@rektcapital) May 15, 2021
Yet the price is expected to rally to new highs and therefore altcoins gaining much traction may make them independent of the other strong and dominant cryptos.
ADA Price Analysis
Cardano price initiated the week with a bullish trend and maintained the levels above $1.6 throughout the week. The entire crypto space bleed profusely as Elon Musk announced the withdrawal of BTC payments for Tesla car purchase. Yet ADA price strongly sustained the market volatility and stood strong above $1.6.
The price slowly and steadily kept surging in minute fractions every single day until it banged the $2 milestone in the early hours of trade. Many assets tend to revisit the lower levels after they form new ATH, yet ADA despite a slight pull back trades above $2.
At the time of writing, the cardano price is $2.13 with a jump of 13.89% in the past 24 hours. However, many analysts believe ADA has still a very long way to go and hence $2 also would be a very low level then.
- The resistance levels are currently at ATH at $2.13 later the price will enter the discovery phase to look out for new ATH
- The support levels are at $1.89, but they do not appear to be strong.
- The indicators point out towards a buy signal