ADA in price discovery as $2.50 nears
Traders had suspected that the long-awaited $2 would come into play in the short term, with Cardano bulls taking down resistance in one fell swoop overnight on Friday.
With $2 out of the way, price discovery mode was activated, which delivered the new all-time highs before a consolidation period began at around $2.30.
As such, Cardano was giving even previously successful altcoins such as Ether (ETH) a run for their money as most tokens saw losses on Saturday.
“$ADA is now narrowing the gap between $ETH & Altcoin Market Cap,” popular trader and analyst Rekt Capital noted on the day.
“ADA is now up +80% compared to ETH and Altcoin Market Cap which have both rallied +150%.”
PlanB on BTC price: I’m “excited”
Joining Cardano were only a handful of major cap altcoins, these led by Polygon (MATIC) which delivered 24-hour gains of 24% and weekly returns above 130%.
Others, such as Dogecoin (DOGE) and Ethereum Classic (ETC), delivered mild losses in line with the general trend. Bitcoin, having recovered some of its lost ground after falling 20% earlier in the week, stayed near the lower end of its trading range without managing to reclaim $50,000.
On short timeframes, however, fellow trader Scott Melker nonetheless highlighted bullish signals for Bitcoin’s relative strength index (RSI) — something which could deliver more solid progress in the coming days.
For PlanB, creator of the stock-to-flow family of BTC price models, the RSI behavior was “typical” and comparable to the ranging seen before BTC/USD hit all-time highs in late 2017.
“Bitcoin relative strength index (RSI): we are at the typical mid-bull-cycle drop in RSI (yellow circles), in between 2013 and 2017,” he commented alongside an accompanying chart.
“Excited about next couple of months.”