Cardano Crushes $ 2 Resistance As Bullish Signals Enter Bitcoin Price

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Cardano’s ADA token approached $ 2.40 on May 15 as a few select altcoins resisted the bearish mood to steal the show from weak Bitcoin (BTC).

ADA / USD 1 hour candle chart (Binance). Source: Tradingview

ADA in Price Discovery Approaching $ 2.50

Data from TBEN Markets Pro and TradingView showed that the ADA / USD climbed throughout the weekend to a record high of $ 2.38.

Traders suspected that the long-awaited $ 2 would come into play in the near term, with Cardano bulls taking resistance in one fell swoop on Friday night.

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With a $ 2 gap, the price discovery mode was activated, which allowed new all-time highs to be reached before a period of consolidation began at around $ 2.30.

As such, Cardano was even giving previously successful altcoins such as Ether (ETH) a run for their money as most tokens suffered losses on Saturday.

“$ ADA Now Reduces Spread Between $ ETH and Altcoin Market Cap,” Popular Trader and Analyst Rekt Capital Noted to the day.

“ADA is now up + 80% versus ETH and Altcoin Market Cap, both of which are up + 150%.”

PlanB on BTC price: I’m “excited”

Joining Cardano were just a handful of major cap altcoins, these being led by Polygon (MATIC) which generated 24% 24-hour gains and weekly returns above 130%.

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Others, like Dogecoin (DOGE) and Ethereum Classic (ETC), posted slight losses in line with the general trend. Bitcoin, having recovered some of its lost ground after falling 20% ​​earlier in the week, has remained near the low end of its trading range without managing to recover $ 50,000.

On short notice, however, his compatriot Scott Melker Highlighted Bullish signals for Bitcoin’s Relative Strength Index (RSI) – something that could offer more solid progress in the coming days.

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For PlanB, creator of the stock-flow BTC family of pricing models, the behavior of the RSI was “typical” and comparable to the range seen before BTC / USD hit all-time highs at the end of 2017.

“Bitcoin Relative Strength Index (RSI): We are at the typical bullish mid-cycle RSI decline (yellow circles), between 2013 and 2017,” he commented next to an accompanying graphic.

“Excited for the next two months.”

Bitcoin RSI chart against months between halves of the block grant. Source: PlanB / Twitter