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Cardano (ADA) Spikes 8%, Overtakes XRP In Last 24 Hours

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Cardano

Cardano (ADA) price has skewed way up by over 8% in the past 24 hours; peaking at $0.51. ADA has now outstripped XRP in terms of market cap with now valued at $17.6 billion and XRP at $17.5 billion.

Nevertheless, ADA still suffered a massive decline of 83% from its all-time high in September. The upcoming launch of hard fox seems to be the impetus for the recent price spike.

It was supposed to be launched in June but was postponed because of some technical problems. The date of the hard fork launch will be announced soon by the Input Output team.

Suggested Reading | Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions

ADA Trading Between Two Critical Levels

For the first time, XRP was scrapped from CoinMarketCap’s top 5 list in February due mainly to U.S. SEC controversies and lawsuits. Now, Ripple has decided to hedge on Cardano. ADA price peaked last year which in turn powered up smart contracts on the blockchain.

Still, ADA has a lot of catching up to do in order to keep up the pace with BNB that currently has a market cap of $42 billion. Cardano’s price ended Sunday in the red at -$0.005. It closed in red for the second consecutive time seen in the last three days.

ADA price is currently trading sliced between two critical levels. And the bulls are trying to revert to the $0.64-$0.67 range. On the other hand, the bearish ADA traders are seeking to pivot and dispatch ADA’s price down testing the $0.395-$0.43 range.

In 2021 this exact date, ADA price was at $1.22.  The average ADA price seen in the past 30 days was at $0.47 which is up by 8.89% following the same span of time.

ADA total market cap at $16.5 billion on the daily chart | Source: TradingView.com

ADA Spikes By 25% In Last 7 Days

ADA price spiked by 25% last week, followed by massive liquidations. While the price reversal pushed the price lower, the bears did take the blows while trading the coin. ADA ended the week in flying colors as it skyrocketed by 25%. ADA price also managed to maintain its price at $0.5.

With that, Cardano outperformed its competition and now ranks as the sixth most significant coin in terms of market cap at CoinMarketCap. It has a current capitalization of $17.7 billion which keeps ADA ahead of SOL, DOGE, XRP, and BUSD.

So, will Cardano continue to dash in the green light? Well, it will all depend on the condition of the crypto market. ADA traders are very optimistic and vested in ADA but apart from upgrading the Vasil network, the Cardano community is also weathering the crypto winter and economic recession. 

Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

 Featured image from NewsCrypto, chart from TradingView.com
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Ethereum Climbs To $1,900, Why $2K Could Be Next

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Ethereum

Ethereum started a major increase above $1,800 against the US Dollar. ETH is rising and might continue to rise towards the $2,000 resistance zone.

  • Ethereum found support near $1,680 and started a fresh increase.
  • The price is now trading above $1,800 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise further higher towards the $1,950 and $2,000 levels.

Ethereum Price Rallies 12%

Ethereum remained well bid above the $1,650 level. ETH formed a base and started a fresh increase above the $1,750 resistance zone. The bulls pumped the price above the $1,800 level.

The price climbed higher and even broke the $1,850 resistance. Finally, there was a move above the $1,900 and the price settled above the 100 hourly simple moving average. A high was formed near $1,919 and the price is now consolidating gains.

It is now trading well above $1,800 and the 100 hourly simple moving average. Ether price is also well above the 23.6% Fib retracement level of the upward move from the $1,655 low to $1,919 high.

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $1,920 level. The first major resistance is near the $1,950 level. A clear move above the $1,950 level could start a steady increase to $2,000. If the bulls remain in action, the price may perhaps rise towards the $2,120 resistance zone in the near term.

Dips Supported in ETH?

If ethereum fails to rise above the $1,920 resistance, it could start a downside correction. An initial support on the downside is near the $1,850 zone. The next major support is near $1,800.

The main support is near the $1,780 level or the 50% Fib retracement level of the upward move from the $1,655 low to $1,919 high, below which there is a risk of a sharp decline. In the stated case, ether price may perhaps decline towards the $1,750 support. Any more losses might call for a test of the $1,700 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 65 level.

Major Support Level – $1,780

Major Resistance Level – $1,920

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Binance Clears Stand on Supporting Upcoming Ethereum Merge

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Binance Clears Stand On Supporting Upcoming Ethereum Merge