Cardano (ADA) Out of Top 10. Bitcoin SV Replaces It

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Wed, 01/16/2019 - 11:56
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    The two cryptocurrencies have recently switched places, with Bitcoin SV overtaking ADA to “steal” the number 10 spot by market capitalization according to data from CoinM

Cover image via U.Today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The two cryptocurrencies have recently switched places, with Bitcoin SV overtaking ADA to “steal” the number 10 spot by market capitalization according to data from CoinMarketCap. At the time of writing, Bitcoin SV stands at $1.3 billion, while Cardano (ADA) has a market cap of just over $1.1 billion.

Chart Analysis – ADA/USD

ADA/USD chart

After failing to touch the key resistance at $0.060 and reaching a high at $0.056 on January 9, ADA has been on a downslide, finding support at $0.040. It is down more than 10.0% over the last 7 days but up 2.6% in the last 24 hours, according to aggregate data from CoinMarketCap.

The 200 period Exponential Moving Average is flat on the four-hour chart and the RSI is neutral, moving in the middle of the range and showing that control doesn’t clearly belong to either side from a medium-term perspective, although in the short term, the bias is bearish.

If 0.040 is breached, the pair will find support at 0.037 and a break of the latter will open the door for an extended drop into 0.030 – 0.028. First resistance sits at 0.050 – 0.051 and until it is broken, the chances of a strong move up are low.

Support zone: 0.040 – 0.037

Resistance zone: 0.050 (0.051)

Most likely scenario: break of immediate support, move into 0.037; choppy price action

Alternate scenario: recovery and move into 0.050 area

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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