The cryptocurrency market is no doubt a very satisfying industry as it offers two choices to players in the market. You are either bullish or bearish. Interestingly, everyone is happy at the end of every trading session as there was an opportunity for both trading factions to make profits.
The last 24 hours was no different both opportunities also presented themselves. At the end of the trading session, the buyers are grinning hard as they are the most favoured.
The entire crypto market started the past 24 hours at $1.87 trillion. As of the time of writing, the industry is currently worth more than $2 trillion. The crypto street was filled with greens as most coins went bullish halfway through the day. One such coin is Cardano.
Cardano experienced a 16% increase over the last 24 hours as it returns to the $2 mark after slipping below it since May. The increase comes as the anticipation of Cardano first smart contract heightens.
The ADA/USD pair marks the fifth day of staying away from the bearish sentiment. Of all the bullish days Friday was the most thrilling as ADA gained the highest since the week’s beginning. In the coming days, more short positions will liquidate as cardano is aiming for $3.
The last five days were smooth sailing for the bulls. The quest for $3 will not be without any hindrance as the next set of resistance are one of the strongest the ADA/USD pair will face. During the bullish run that saw ADA hit its current all-time high of $2.48, we note that the pair started experiencing stronger price resistance as it got closer to $2.4.
We may see a repeat of the previous event with the resistance at $2.4. The $2.5 and $2.8 resistance will be the threshold of $3. If cardano enjoys an upward momentum from $2.8, it is only a matter of time as to when a new ATH at $3 will be recorded.