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 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.
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%.
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.
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.”