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Cardano (ADA) Readies For Critical Test As Market Cap Battle Heats Up

Altcoins 2020/08/09 21:50 by John Kiguru
Cardano (ADA)'s Price Shys Away From $0.1, Ahead Of Shelly Activation

The crypto market continues to flash signals of its bullish potential. But with tides ever so shifting some coins, it’s almost impossible for investors to keep up. For Cardano, its tide seems to be circling back and investors who have stuck with it and possibly reaccumulated in the last few days are about to reap big.

Since topping at $0.15 in mid-July, Cardano has been losing steam with a conservative correction seeing it revisit support at $0.13.

Support at this level has been strong but a rebound restrained at $0.14. However, coming out of the weekend, the bulls look set to get over $0.15. This move will reignite new interest and bullish sentiments that could lead to a new short term high. This would further allow the coin to catch up with some of the trending coins right now. When it topped a few days ago, it also reached 6th in the market ranking but since slipping it has been pushed to 8th. Now in 6th position is one of the most hyped coins in recent weeks, Chainlink (LINK).

Others enjoying substantial gains with the new wave are Tezos and Ethereum, both of which are up by more than 4% in the last 24 hours. With these gains and with most coins holding above recent supports, the total market cap remains above $350 Billion.

Altcoins Ready To Break Bitcoin Dominance

As the hype continues to shift and circle back, most investors believe that Bitcoin’s dominance is about to break. And as its price continues to limbo below $12K and its dominance clinging on 60%, it is set to fall by the altcoins strike. If it breaks below the 60% level and heads for 50%, last seen during the alt season, many analysts believe there is likely to be an altcoin blow up.

At the time of writing though, there is some stillness, a familiar calmness of retail investors trying to spot the week’s trend. With Cardano, Chainlink, and even Ethereum already recording substantial gains and testing higher resistances, the trend seems to be leaning on the positive.

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