Tezos reclaims the tenth position on CoinMarketCap after Cardano hit a wall short of $0.090.
Cardano is still in the hands of the bulls especially with the Elliot Wave Oscillator maintaining a bullish session since April 19.
Cardano (ADA) has become the biggest contender in terms of the most-improved cryptocurrencies in the market. Positive sentiments continue to favor the cryptoasset due to the upcoming network upgrade. The CEO of IOHK and the founder of Cardano, Charles Hoskinson recently said that the features and capabilities the Shelly Upgrade will bring to the network will be unmatched. The price shot up in double gains last week as speculation continued to mount. Since the announcement, Cardano has more than doubled in value.
Consequently, there has been a battle for the tenth spot in the market by capitalization between Cardano and Tezos (XTZ). ADA briefly displaced from the tenth position a few days ago, however, it has flipped back into the 11th
spot with a market cap of $2.11 billion. Tezos, on the other hand, is doing all it can to hold onto the tenth position with a market cap of $2.15 billion.
Cardano Price Analysis
At the time of writing, ADA/USD is trading at $0.0817. This follows a minor correction from $0.0872 (May highs). The trend is generally in the bulls’ hands after the price found support at $0.08. The Elliot Wave Oscillator (EWT) continues to sustain a bullish session commenced on April 19th.
ADA/USD daily chart
The RSI is also trending high within the overbought region to show that the influence bulls have on the price is immense. If the RSI sustains the trend above 70, ADA could ignore the overbought conditions and shoot above $0.1. Fundamentally, ADA is strong to take down the resistance at $0.1 and could only be waiting for the proper volume.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com