After ADA price hits a 2-month high, Cardano faces resistance of $1.60

Cardano’s ADA token approached its highest level in two months on August 10, with a daily increase of nearly 6%.

Data from Cointelegraph Markets Pro and Transaction view It shows that the ADA/USD challenge resistance level reached 1.59 USD-the highest level since June 15.

Cardano Bulls Fight $1.60

As one of the best performing cryptocurrencies among the top 50 cryptocurrencies by market capitalization, Cardano has not yet overcome several months of resistance at around $1.60 at the time of writing.

However, the performance was impressive and attracted the attention of veteran trader Peter Brandt, who keenly saw the recent strength.

“The new development of Cardano ADAUSD. The potential bearish sentiment at the top of the H&S in the cryptocurrency was greatly offset by the rise of the July 4 high,” he Tell Twitter followers are in the day’s update.

“In fact, as long as the price stays above 1.25, this price movement can be considered bullish.”

ADA/USD 1-day candlestick chart. Source: TradingView

Brandt mentioned the recent head-and-shoulders structure of ADA/USD, and the August 10 high helped overcome this.

Trader and Cointelegraph writer Michaël van de Poppe is also optimistic about future price odds.

“Cardano has rebounded well, but it hasn’t broken the downward trend. It looks good,” he Summarize.

Against Bitcoin (Bitcoin), ADA received strong returns after seeking support for retesting, Van de Poppe Say on Monday.

ADA / BTC 1-day candlestick chart. Source: TradingView

ADA/USD saw it Historical high The price of US$2.50 on May 16 coincided with a turning point for altcoins, as the outflow of Chinese-inspired miners and related hash rate losses caused Bitcoin to fall.

Altcoins enjoy Bitcoin beat gains

In the weekly time frame, driven by Ethereum, many altcoins outperformed Bitcoin’s 18.5% increase.Ethereum) After its success London hard fork deployment.

related: 8/9 Price analysis: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LINK

At the time of writing, ETH/USD is US$3,110, up 25% from 7 days ago, and has fallen from a local high of nearly US$3,200.

ETH/USD 1-day candlestick chart (Bitstamp). Source: TradingView

As Cointelegraph pointed out, the total market value of cryptocurrencies Surpassed US$1.9 trillion for the first time Since May this week, it has once again approached the $2 trillion mark.