Cardano faces $1.60 resistance after ADA price hits 2-month highs

Cardano’s ADA token got here near its highest in two months on Aug. 10 as each day beneficial properties neared 6%.

Knowledge from Cointelegraph Markets Professional and TradingView confirmed ADA/USD difficult resistance to achieve $1.59 — its highest since June 15.

Cardano bulls battle $1.60

One of many prime performers within the prime fifty cryptocurrencies by market cap, Cardano was but to beat multi-month resistance at round $1.60 on the time of writing.

However, efficiency was spectacular, catching the eye of veteran dealer Peter Brandt who keenly eyed latest power.

“New growth in Cardano ADAUSD. The advance by means of the July 4 excessive goes a protracted solution to negate the potential bearishness of the H&S prime on this crypto,” he told Twitter followers in an replace on the day.

“In reality, this worth motion might be considered as bullish so long as worth stays above 1.25.”

ADA/USD 1-day candle chart (Binance). Source: TradingView

Brandt referred to a recent head & shoulders construction on ADA/USD, which the run to the highs of Aug. 10 had helped overcome.

Fellow trader and Cointelegraph contributor Michaël van de Poppe was similarly upbeat on the future price odds.

“Good bounce of Cardano, but didn’t break the downtrend yet. Looks good,” he summarized.

Against Bitcoin (BTC), ADA put in a robust return after in search of a retest of assist, Van de Poppe said Monday.

ADA/BTC 1-day candle chart (Binance). Supply: TradingView

ADA/USD noticed its all-time highs of $2.50 on Could 16, coinciding with a turning level throughout altcoins as Bitcoin fell because of the China-inspired miner exodus and the related lack of hash fee.

Altcoins get pleasure from Bitcoin beating beneficial properties

On weekly timeframes, many altcoins outperformed Bitcoin’s 18.5% beneficial properties, boosted by Ether (ETH) within the aftermath of its profitable London exhausting fork deployment.

Associated: Value evaluation 8/9: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LINK

ETH/USD stood at $3,110 on the time of writing, up 25% versus seven days in the past and recent off native highs of almost $3,200.

ETH/USD 1-day candle chart (Bitstamp). Supply: TradingView

As Cointelegraph famous, the full cryptocurrency market cap handed $1.9 trillion for the primary time this week since Could, nearing the numerous $2 trillion mark as soon as once more.