Even though Bitcoin was not able to breach $10,000 yet this week and must try again in the next couple of hours, the price of Cardano goes above 0.050, proving that bulls are in the house and pricing the ADA cryptocurrency in a good position now.
The month of May has been nothing but good for Charles Hoskinson’s Cardano, which was able to cross the resistance at 0.050 and is continuing in the same direction in the news today. As we can see from the one-day chart of the ADA price, the Cardano news show an increase of around 2%.
If we take a closer look at it, we can see that the Cardano price has been at a standstill over the past 16 days. Even though it managed to breach the 0.050 level against the US Dollar, people believe that the coin needs a lot to grow above $0.052 which is “the real resistance point” right now.
At the time of writing, the cryptocurrency is noting a bullish pennant pattern. If the price of ADA breaks away and goes above 0.052 in the altcoin news today, we can see a good extension and a rise could be made up to the 0.062 levels.
The main bullish indicator here is the mere fact that ADA has maintained a price position that is above its 200-moving average, unlike some of the top altcoins out there such as Ethereum (ETH). An analysis of the higher trading volume for ADA shows that as Cardano goes above 0.050, it is riding a wave of green for many other altcoins which are doing the same.
Now, although the previous chart suggested that a bullish breakout is imminent, it is important to note that the factors which might trigger an upwards movement are currently scarce for this asset. After the BTC halving, the sentiment of the collective crypto community has cooled off and it is really difficult to foresee the ADA cryptocurrency reaching the valuation range which was seen in February 2020.
Anyways, as Cardano goes above 0.050 and 0.051 today, people are bullish on the coin and expecting a lot from it. If the rally extends, we could definitely see new territories for ADA in this week’s Cardano news.