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