Cardano flexed its muscles – ADA cracked US $ 2 with force

Cardano flexed its muscles – ADA cracked US $ 2 with force

ADA is becoming the winner of the hour, but other altcoins are also benefiting, while market leader Bitcoin is slowly getting back on track.

Cardano flexes its muscles - ADA cracks US $ 2 with force

The Cardano cryptocurrency ADA jumped the $ 2 hurdle today, May 15, at a significant rate to nearly $ 2.40. While the other Altcoins are also wiping out the market leader, the experts remain confident about the further development of Bitcoin (BTC) is concerned.

Cardano daily chart (Binance). Source: Tradingview

ADA advances almost to $ 2.50

As from the data of Cointelegraph Markets Pro and TradingView shows, the ADA / USD currency pair rose sharply over the weekend and climbed to a new record high of a whopping 2.38 US dollars.

The crypto investors had already seen the long-awaited jump over the psychologically important 2 US dollar hurdle coming, because on Friday night Cardano was able to clear the last important resistance before this mark at full speed.

This enabled a problem-free advance to as high as 2 US dollars and beyond, before all dams broke with the breakthrough of this sound barrier and the price set a clear new record high.

At the time of going to press, ADA has leveled off at around $ 2.30, bringing the smart contract platform to its big competitor Ether (ETH) has clearly defied the price development today.

“ADA can catch up with ETH and the rest of the altcoin market,” as crypto trader Rekt Capital said notices. He adds:

“ADA is now 80% up on ETH and the remaining Altcoins, both of which have gained a total of 150%.”

PlanB remains confident

Just a few other Altcoins are just as strong as Cardano on Saturday, including Polygon (MATIC), which has increased by 24% in the last 24 hours and has thus increased to a plus of 130% for the week.

Like the key figure VORTECS ™ from Cointelegraph Markets Pro shows, a positive picture emerged for the further development of MATIC on May 12th, i.e. even before the latest upswing. The exclusive Cointelegraph key figure VORTECS ™ is based on an algorithmic comparison between past and current market developments. A wide variety of data points are combined and taken into account, including market sentiment, trading volume, current price development and Twitter activity, in order to give the most complete possible view of a specific cryptocurrency.

VORTECS ™ Score (green) and MATIC course in comparison. Source: Cointelegraph Markets Pro

As can be seen from the graphic above, the VORTECS ™ Score for MATIC shot to an intermittent high of 93 points on March 12th, before falling back to 60 points in the following days, when the price leveled off at the same time in a narrow price range.

According to information from Cointelegraph Pro NewsQuakes, it was announced on May 14th that the Kraken crypto exchange will soon be listing the Altcoins MATIC, GHST and RARI. A later NewsQuake then confirmed that MATIC has already gone into trading on Kraken, which could have catapulted the price accordingly.

NewsQuakes ™. Source: Cointelegraph Markets Pro

The VORTECS ™ Score began to rise noticeably even before the two reports, whereupon the key figure for MATIC showed a new high of 99 today, May 15, which went hand in hand with a price jump to 1.89 US dollars.

Other altcoins like the Dogecoin (DOGE) and Ethereum Classic (ETC) have lost slightly recently. Market leader Bitcoin is slowly catching up again after the violent crash of 20% and is solidifying again at the lower end of the price range at 50,000 US dollars.

After all, crypto trader Scott Melker is already reading positive signals from the Relative Strength Index (RSI) for Bitcoin, which can give hope for new gains in the next few days.

The popular crypto trader PlanB, who is considered to be the inventor of the much-cited Stock-To-Flow (S2F) forecast model, also sees the RSI development as completely “typical” for Bitcoin. Accordingly, he draws a comparison with the sideways movement during the great hype of 2017, which preceded the record run at that time of up to 20,000 US dollars.

“Regarding the Relative Strength Index (RSI) of Bitcoin: We are in a typical downturn halfway through a record run like in 2013 and 2017 (see yellow markings),” said the expert at reference on the associated graphic. In conclusion, he summarizes his optimism briefly and succinctly as follows:

“I’m looking forward to the next few months.”

Bitcoin’s RSI compared to the rate cycles after a Bitcoin halving. Source: PlanB / Twitter
  • #Bitcoin
  • #Altcoin
  • # Bitcoin rate
  • # Markets
  • #Cardano

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