The cryptocurrency market is having a superb begin to the week, with a lot of the cryptocurrencies at the moment within the inexperienced zone.
The broader crypto market is buying and selling within the inexperienced zone. The complete cryptocurrency market cap is up by more than 5% today and at the moment stands near $1.3 trillion.
Bitcoin stays the market chief, up by more than 6% over the previous 24 hours. At press time, BTC is buying and selling above the $31,500 resistance degree.
Ether is additionally performing nicely, up by 7% to this point today and at the moment buying and selling above $1,900.
ADA, the native token of the Cardano ecosystem, is the most effective performer amongst the highest 10 cryptocurrencies by market cap. ADA is up by more than 11% to this point today and at the moment trades above $0.62 per coin.
Cardano has been performing nicely forward of the community’s Vasil Hard Fork. The improve is anticipated to happen on June 29 and lots of anticipate it to massively enhance the community’s scalability and efficiency.
Key ranges to observe
The ADA/USD 4-hour chart is at the moment bullish because the cryptocurrency has been performing nicely today. The technical indicators present that ADA has been performing nicely within the final 24 hours.
The MACD line crossed into the constructive zone over the weekend as ADA carried out excellently. The 14-day relative power index of 71 exhibits that ADA might quickly enter the overbought area.
If the rally continues, ADA might surge previous the primary main resistance degree at $0.668 earlier than the top of the day. However, it might want the help of the broader market to commerce above $0.720 for the primary time this month.
On the flip facet, ADA might drop beneath its 50-day EMA of $0.5605 if the bears regain management of the market.