Cardano has turn into the fourth-largest cryptocurrency by market cap regardless of the present bearish cycle within the broader market.
The cryptocurrency market has been experiencing a big correction since final week, with Bitcoin at present buying and selling round $35,000 per coin. Cardano (ADA) can also be underperforming, having misplaced 39% of its worth over the previous week.
Nonetheless, ADA has nonetheless managed to climb its manner as much as turn into the fourth-largest cryptocurrency by market cap, overtaking Binance Coin (BNB) within the course of. The cryptocurrency maintains a hint of bullishness and will expertise a optimistic pattern within the coming hours.
Cardano has been reaching some spectacular milestones, and this leaves some specialists bullish about its worth efficiency.
— Crazy4Cryptos.com (@planetmindbody) May 23, 2021
ADA worth outlook
The ADA/USD 4-hour chart signifies that the cryptocurrency is slowly recovering. ADA is at present up by 5% over the previous hour after effectively absorbing the promoting strain. The cryptocurrency has maintained the help zone between $1 and $1.35, permitting it to succeed in the $1.40 area over the previous few hours.
If ADA can keep this momentum, it might quickly cross the resistance stage at $1.50. The technical indicators present that ADA has the potential to rise above the present bearish market. An prolonged bullish run might see ADA check the resistance ranges at $1.66 and $1.80 within the coming hours or days.
ADA/USD 4-hour chart. Supply: Coinalyze
ADA’s 100-day easy shifting common ($1.78) and exponential shifting common ($1.66) are each within the pink zone. Thus, implying that the bearish sentiment nonetheless in reality guidelines the ADA market. If ADA fails to mount any vital rise to interrupt the above-mentioned resistance zones, it is going to permit sellers to creep into the market. This might expose the help zones at $1.35 and $1 once more.
Additional market sell-offs might see ADA drop beneath the $1 level for the primary time in weeks. If that occurs, ADA might most likely lose its fourth place available in the market.