Cardano: the price of ADA goes up 12%
Cardano: the price of ADA goes up 12%

Cardano: the price of ADA goes up 12%

By Federico Izzi - 4 Jun 2020

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The price of Cardano (ADA) is doing very well today, rising by 12%. The strong increases that are characterizing Cardano are due to the expectations of the community and fans of the blockchain. 

The trend in the price of Cardano these days is characterized by excellent bullish movements and unlike the rest of the industry, ADA has not accused the fallback on Tuesday. 

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With the rises of the last few hours, ADA returns to $0.091, the highest level since June 2019 and gains 450% from the lows of mid-March.

Cardano, with this bullish movement, gains positions among the most capitalized. After overtaking Tezos, it is now heading for the attack of the ninth, EOS. The two are separated by a distance of only 300 million dollars. EOS goes up 2% today.

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After Tuesday’s setback, the sector is trying to react by finding a balance on the support levels from which it has been looking for a positive reaction to attract new purchases over the last 24 hours

Yesterday’s first signs of reaction are also reflected today with more than 80% of the main cryptocurrencies in positive territory

Scrolling the list of the big names, the first red sign is at the 30th position, occupied by VeChain (VET), which is down 2%. This decrease is due to the profit-taking following the strong rises of the last few days. 

On the podium of the best, the first position is now held by Hedge Trade (HDG) which flies more than 30% followed by Theta (THETA) with +14%. 

Theta is back up again after having suffered a decline in the past few days due to the profit-taking following the bullish move that characterized Theta’s movement last week. 

It was a leap that saw prices multiply by 10 times, gaining 1000% from the lows of mid-March to the highs of May 27th, when it touched 60 cents on the dollar, followed by the start of the swings that saw prices fall by more than 60%. From the lows of Tuesday, Theta is trying to climb up the slope and today is among the best of the day.

The last few hours have seen a sharp drop in volumes of over 40% overall. Bitcoin halved the trading volumes from Tuesday’s levels but still remains at $1.7 billion. On Tuesday it recorded over $4.3 billion. 

Despite Tuesday’s setback, the general sentiment is not affected at all and remains at good levels.

The market cap climbed again to over $275 billion.

The dominance of Bitcoin, despite the recovery (+1.6%) of the price, falls below 65%, the lowest level since the end of April. Ethereum rises close to 10%, the highest peak in the last two months after the Covid19 crisis. Ripple slips to 3.2% going to update the lowest level since December 2017.

Despite today’s rise (+1%), Ripple once again relinquishes the third position to Tether, which reaches 9.2 billion capitalization, 200 million more than XRP, which is enough for the well-known stablecoin.

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Bitcoin chart by Tradingview

Bitcoin (BTC) Price

Bitcoin, after the sinking on Tuesday that saw prices test the monthly support at 9,150 points, recovers ground and is back in these hours close to $9,700. The recovery will have to bring the quotations above the psychological threshold of $10,000, to attract new purchases again and to give a new bullish signal.

The trend of Bitcoin, despite the difficulties experienced during the end of May and Tuesday, June 2nd, in testing the lower neckline of the bullish channel, continues to give good signs of resilience. Only a break of $9,150 would project prices to test the end of May support in the $8,700 area. 

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Ethereum chart by Tradingview

Ethereum (ETH) price

After last Tuesday’s difficulties with prices that have tested the medium to long term support of $225, Ethereum is now rising to $245

In case of a consolidation, prices would be projected to update the highs recorded Tuesday morning, in the $254 area. This would be a break that would give a strong bullish impulse with a next target: the February levels in the $275 area. 

For Ethereum, the first sign of weakness would come with a break of Tuesday afternoon’s lows at $225 and then $215, with price fluctuations within the bullish channel that began in mid-March. 

Eidoo (EDO) price

During these hours, Eidoo is giving a good signal: in the late evening, it returned to 45 cents on the dollar, highest levels since October 2019. 

From yesterday morning’s levels, Eidoo recorded a jump of over 35% with peaks last night that in less than 24 hours generated a gain of about 50%. 

With the leap of the last few hours, Eidoo climbs the ranking up to 140th position, with a pace that, if it continues in the coming weeks, would bring Eidoo back among the top 100 capitalized. Today its capitalization is just under $30 million.

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & 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 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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