Cardano (ADA) is currently trading at $2.14 as it continues to stagnate during Bitcoin’s surge to record highs.
The entire altcoin market has struggled over the past three weeks, with Bitcoin dominance rising to 47.2% from 41.02% on October 1.
This demonstrates the cyclical nature of the cryptocurrency market as a similar pattern was also present during Bitcoin’s run from $11,000 to $40,000 in December and January, as well as in the initial 2017 run to $20,000.
What typically happens after a consolidative period for altcoins is what many call an “alt-season”, which involves capital being rotated from Bitcoin to more speculative long trades on the likes of ADA, ETH, BNB and others.
When this eventually happens ADA can be expected to rise back to the $2.46 level of resistance with potential upside targets being set around its record high of $3.09.
However, Bitcoin dominance remains relatively low in comparison to previous cycles, which suggests that it has some more room to run before capital rotates into the altcoin market.
In the short term, ADA needs to maintain the $2.06 level of support in order to prevent a corrective move down to $1.90 and potentially $1.69.
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Cardano claims to have tried to change the way cryptocurrencies are designed and developed, balancing the best of the functionality of several cryptocurrencies into one coin. The project began in 2015, the work of a global team of scientists and academics. ADA was released in September 2017.
Cardano is one of the largest cryptocurrencies and is one of The Top 10 Cryptocurrencies by market capitalisation.
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