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Following the victory of Ripple (XRP) in the court yesterday, there is currently a general bullish wave in the crypto market. According to data from coinmarketcapCardano (ADA) is up by 28.43% in the past 24-hours, with several other altcoins also registering double-digit gains.
Cardano (ADA) Price Action and Analysis
Before yesterday’s price increase, ADA showed little or no movement all week, and was hovering around the $0.29 price mark. However, the coin’s price rose yesterday afternoon, reaching $0.37 for the first time since the beginning of June.
Related Reading: XRP Price Plunges After Huge 80% Gain, Buy on the Decline?
Given its broad performance, Cardano has seen mixed price action since the start of 2023. The altcoin started the year in style, trading at $0.41 with gains of over 70% as of February 16.
However, this price increase was followed by a bearish trend, which took the coin price as low as $0.30 on March 10. After that, ADA will resume its bullish trajectory, reaching its all-time high price of $0.45 on April 16, 2023.
In the next two months, Cardano price declined once again before showing a sideways movement over the past three weeks.
Analyzing its 4-hours chart, ADA faced resistance at the $0.38 price area and it seems to be experiencing a correction. However, increasing selling pressure could see the coin trading as low as $0.28, indicating its imminent support level.
On the other hand, if the bulls take control again and manage to overcome the resistance price level of $0.38, ADA is likely to rise to $0.42, which represents the next major resistance level.
At the time of writing, ADA is trading at $0.35 with a loss of 2.30% in the last hour. The trading volume of the token has increased by an astonishing 808.08% and is valued at $1.4 billion. With a market cap of $12.3 billion, Cardano is ranked as the 7th largest cryptocurrency in the world.
ADA Trading At $0.35 On The 4-Hour Chart| Source: ADAUSD Chart On Tradingview.com
Ripple’s Win Fuels Altcoin Rally
Tomorrow afternoon, US Judge Annalisa Torres ruled it XRP is not a security in the ongoing Ripple vs SEC case. Upon the arrival of this news, the crypto market experienced a surge in prices, with altcoins mainly registering significant gains.
Apart from Cardano (ADA), coins such as Solana (SOL), Avalanche (AVAX), and Polygon (MATIC) are also on the rise, registering gains of 31.98%, 14.50%, and 17.76%, respectively, over the past year. twenty four hours
Related Reading: Optimism (OP) Rides the Wave of Today’s Crypto Bounce With a 15% Rally
That said, major cryptocurrencies have not been spared from the current market boom. Bitcoin is trading above $31,000 again, up 2.81% over the past day. At the time of writing, the total crypto market cap is valued at $1.26 trillion, with an increase of 6.39% in a single day.
Featured image from Forbes, chart from TradingView.
