Cardano: the price of ADA soars
Cardano: the price of ADA soars
Trading

Cardano: the price of ADA soars

By Federico Izzi - 29 May 2020

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Today the green signs prevail for 75% of the cryptocurrencies and among them, the price of Cardano (ADA) stands out. 

As usual, it is Bitcoin to mark the pace and with the rises of the last few hours, it snubs the dismissal of Goldman Sachs during a meeting with investors a few days ago. BTC is back over 9,600 dollars, cancelling the whole weakness that was recorded last week.

coin360 20200529
Source: COIN360.com

Even among the altcoins, Ethereum is back on track, going back beyond the previous levels of resistance in May. 

A few hours before the end of the month, the weekly and monthly positive balances prevail. 

The rises of the last few hours are also reflected on Ripple which, with a rise of about 2%, regains the 20 cents lost last week. Timidly, albeit with a difference of a handful of millions of dollars, Ripple regains third place in the ranking where a head-to-head with Tether (USDT) is underway. 

ADA 20200529

Among the altcoins, stands out the high jump in the price of Cardano (ADA) which flies by about 20%, overtaking Chainlink and taking 11th position with $1.6 billion of capitalization. Cardano revised $0.06, the highest level in February, which it had not recorded since July 2019.

Cardano benefits from the announcements made yesterday by the CEO of IOHK who publicly revealed the roadmap that in the coming weeks will lead to Shelley, an update of Cardano’s blockchain that if it were to confirm the planned implementations in the coming days, will lead to a fork expected for June 30th

Among the best of the day, there is also Blockstack (STX) which does little better than Cardano, up 21%. 

After the strong rises of the last few days, today prevails the profit-taking for Enjin Coin (ENJ) which drops by 7%. 

Theta (THETA) slows down in the last few hours and with -2.7% tries to consolidate the price above 25 cents. In the last few days Theta has seen strong upward and downward movements and now tries to contain volatility. 

Theta, together with the Theta Fuel token, records among the best rises on a monthly basis. Theta, in fact, gains 200%, while TFuel gains 400% from the end of April.

The increase of the last few hours is also supported by the total volumes that rise again above 105 billion dollars. Bitcoin in the last 24 hours recorded the peak of the last week with over 2.5 billion trades in dollars

With the positive trend, the market cap is back over 265 billion dollars, the highest level not recorded since May 20th. 

Bitcoin is back above 175 billion dollars, regaining ground and reaching again 66% of dominance. The increase in capitalization is actually due to the altcoins, which with more than 90 billion of capitalization have the highest peak since the beginning of last March. As a result, the rises of the altcoins in the last few hours are the most significant, despite the fact that BTC is holding on to its dominance and even increasing it. 

Also, Ethereum gains some dominance, reaching 9.3%, the highest level since the beginning of May, while Ripple is suffering at 3.3%, despite today’s rise of 1.7% on a daily basis.

BTC 20200529
Bitcoin chart by Tradingview

Bitcoin (BTC) price

The bounce from the dynamic support of the lower neckline of the bullish channel started from the lows of March, definitely brings back prices within the bullish channel, with Bitcoin that in these hours is facing the bearish trendline that combines the decreasing highs of early May. 

A break above $9,650 over the weekend would give a good bullish signal and would open ambitions to go and test the highs of early May in the $9,910 area. 

Worrying short-term forecasts for Bitcoin would only come with the return of prices below $9,050, which coincides with the bullish trendline that combines the lows of the last two months.

ETH 20200529
Ethereum chart by Tradingview

Ethereum (ETH) price

Ethereum, with the high of these last few hours, is back above $215 and goes to attack the highs of April 30th in the $225 area, a level that also coincides with the bullish trendline that combines the higher lows since mid-March and that in these hours is a level of dynamic resistance. In case of a further upward push, it would bring back prices in the bullish channel that now seems to be compromised after the weakness that has weighed on Ethereum for much of the second half of May. 

For ETH, a confirmed rise above $225 over the weekend would open up space to attack the relative highs of early March in the $255 area

A break of the dynamic support lows of $205, which has been an area of equilibrium for much of the week approaching its conclusion, could open up spaces for the static support test in $195 area. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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