Cardano’s ADA token approached $ 2.40 on May 15, when some of the altcoins selected were in a bearish tone to distract from the weak Bitcoin (BTC).
1 hour light chart for ADA / USD (Binance). Source: Tradingview
ADA is in disclosing the price when approaching $ 2.50
Data from Cointelegraph Markets Pro and TradingView showed that the ADA / USD price rose to a record high of $ 2.38 over the weekend.
Traders believe the long-awaited $ 2 will go into effect in the short term when Cardano’s bulls broke the resistance with one blow on Friday.
When there was no $ 2, the pricing mode was activated, resulting in the new product being shipped full time before the consolidation period began at around $ 2.30.
As such, Cardano even launched previously successful cryptocurrencies like Ether (ETH) for its own money, with most tokens taking losses on Saturday.
“ADA is now bridging the gap between the market value of ETH and altcoin in dollars,” said a famous trader and analyst at Rekt Capital.
“ADA is now + 80% higher than the market value of ETH and altcoins, which has accumulated + 150%.”
PlanB at BTC price: I’m “excited”
Joining Cardano was just a handful of the big cryptocurrencies, led by Polygon (MATIC), which delivered 24-hour gains of 24% and weekly revenues of over 130%.
VORTECS ™ data from Cointelegraph Markets Pro began to show an optimistic outlook for Matik on May 12, before the latest rally. Cointelegraph’s exclusive VORTECS Crude Score is a mathematical comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS ™ (green) indicates MATIC price. Source: Cointelegraph Markets Pro
As shown in the chart above, the VORTECS 93 peaked at 93 on March 12th and then declined to the 60 Series over the next 48 hours as MATIC merged into a narrow range.
According to Cointelegraph Pro NewsQuakes, on May 14, the Kraken exchange announced the listing of MATIC, GHST and RARI, and new NewsQuake reported that MATIC deposits and trading had begun.
NewsQuakes ™. Source: Cointelegraph Markets Pro
Hours before NewsQuakes’ announcement, the VORTECS rating began to climb, reaching a new high of 99 on May 15, when the MATIC rating rose to $ 1.89.
Others, such as Dogecoin (DOGE) and Ethereum Classic (ETC), suffered moderate losses in line with the overall trend. After Bitcoin regained some of its lost gains after dropping 20% at the start of the week, it remained close to the lower limit of the trading range, unable to recover $ 50,000.
However, in the short term, trader Scott Melker highlighted bullish signals on the Bitcoin Relative Strength Index (RSI), which could provide a more confident advance in the coming days.
For PlanB, the creator of the BTC family of pricing models, the RSI behavior was “typical” and comparable to the range seen before BTC / USD peaked at the end of 2017.
“Bitcoin Relative Strength Index (RSI): We are in a typical RSI decline in the middle of a bullish cycle (yellow circles) between 2013 and 2017,” he commented next to the attached chart.
“Excited about the next few months.”