Cardano breaks the USD 2 resistance as bullish signals appear on Bitcoin price

Cardano’s ADA token approached $ 2.40 on May 15, while few altcoins resisted bearish sentiment stealing the limelight from a weak Bitcoin (BTC).

1 hour candlestick chart for ADA / USD (Binance). Source: trade view

ADA over pricing when approaching $ 2.50

Data from Cointelegraph Markets Pro and TradingView showed this ADA / USD rose to a record $ 2.38 over the weekend.

Traders had suspected that the long-awaited $ 2 would come into play in the short termwhen the Cardano cops put down the resistance in one fell swoop on Friday evening.

Cardano breaks the USD 2 resistance as bullish signals appear on Bitcoin price
Cardano breaks the USD 2 resistance as bullish signals appear on Bitcoin price

With the USD 2 resistance out of the way, the pricing mode was activated, which the New all-time highs around $ 2.30 before a consolidation phase begins.

Cardano even gave some previously successful altcoins like Ether (ETH) a contest, while most of the tokens posted losses on Saturday.

“$ADA is now closing the gap between ETH and the Altcoin Capitalization Market“, pointed outThe popular trader and analyst Rekt Capital that day.

“ADA is now up more than 80% compared to ETH and Altcoin Capitalization Market, which are both up more than 150%.”

PlanB on BTC price: we are ‘excited’

Besides Cardano, there were only a few altcoins with a large cap, led by Polygon (MATIC)., who offered 24 hour gains of 24% and weekly returns of over 130%.

Cointelegraph Markets Pro’s VORTECS ™ data showed an optimistic outlook for MATIC on May 12th ahead of the recent price hike.. The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS ™ score (green) against the MATIC price. Fountain: Cointelegraph Markets Pro

As seen in the graphic above, The VORTECS ™ score peaked at 93 on March 12, before dropping to 60 in the next 48 hours as the MATIC price consolidated in a narrower range..

According to data from Cointelegraph Pro NewsQuakes, the Kraken exchange announced on May 14 that it would be listing MATIC, GHST and RARI, and a second NewsQuake noted that MATIC deposits and trading had started.

NewsQuakes ™. Fountain: Cointelegraph Markets Pro

Hours before the two NewsQuakes announcements, the VORTECS ™ score began to riseand hit a new high of 99 on May 15 when the price of MATIC rose to $ 1.89.

Others like Dogecoin (DOGE) and Ethereum Classic (ETC) posted slight losses in line with the general trend. After bitcoin price regained some of the lost ground after falling 20% ​​earlier in the week, it stayed near the lower end of its trading range and failed to regain $ 50,000.

For a short time, however, co-dealer Scott Melker highlightedAt the Bullish signals from Bitcoin’s Relative Strength Index (RSI), which could mean more solid progress in the coming days.TO

For PlanB, the inventor of the family of stock-to-flow pricing models for BTC, The RSI behavior was “typical” and comparable to the area where the BTC / USD pair hit an all-time high in late 2017.TO

“Bitcoin Relative Strength Index (RSI): We are in the typical mid-cycle decline in the RSI (yellow circles), between 2013 and 2017“, commentedIn addition to an attached graphic.

“Excited for the next few months.”

Bitcoin RSI chart versus months between half of the block subsidies. Source: PlanB / Twitter

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