The green signal that gave investors joy was only temporary after the sea of blood returned to storm the cryptocurrency market.
The combined value (marketcap) of the cryptocurrency market rose 4.4% yesterday to $ 1.6 trillion, according to data on coinmarketcap. Among the highlights was Cardano which earned an increase of over 20%.
At current values, Cardano is the fourth largest cryptocurrency with a total market capitalization of $ 52.9 billion.
Although the crypto market is seen as weak, Cardano still remains strong in the market and launches various potential projects. Among the latest, the Alonzo Hardfork was launched on May 27, becoming the first testnet for the Cardano network.
Examining the ADA/USDT price movement chart as of today’s market opening, the price is seen to have made a decline on May 26 and returned to make a nearly 30% increase from yesterday’s low of $ 1.3.
From a technical point of view, the uptrend can be seen on the ADA price movement which has broken the RBS zone around $ 1.36- $ 1.52 previously and opened today’s trade above the $ 1.60 level.
If the price continues to maintain the upward momentum, the SBR (support become resistance) zone around $ 1.74 - $ 1.90 will be the target to be achieved and then resume the uptrend.
However, if the ADA price moves again to make a decline, the RBS (resistance become support) $ 1.40 zone will be retested before making a lower decline to the support level around the $ 1.0 price.
At the time of writing, the ADA is trading at $ 1.56, down 10% in 24 hours.
