• Cardano Rebounds to $2.5 in order to reclaim third place from Tether; How Long Can It Last?

  • Cardano has started another rally, putting it comfortably above $2. This recent change comes after the digital asset has taken a beating in recent weeks, putting it in a continuous downtrend. Cardano was not alone in this, as the crypto market as a whole had seen numerous crashes and dips that dragged their value down. However, as the trading day begins on Friday, the crypto market has made significant recoveries, pushing the market back into the green.

    In the early hours of Friday, the ADA price increased by about 8%, breaking through the $2.2 resistance once more. During the brutal September market, the asset traded as low as $2.02 at the end of the month, putting significant sell pressure on the market. The asset is still neutral on the 50-day moving average, but it is down on the 5 and 20-day moving averages.

    If current momentum continues, indicators point to a test of the $2.5 resistance level. With the new month beginning with a departure from September trends, a balancing out can be expected while the price rediscovers a bounce point to kickstart another rally. As the market opens for the first trading day of October, it will be a tug-of-war between bears and bulls, with each side attempting to swing the price in their favor.

    Cardano Resists Bears and Reclaims Third Place

    Cardano, which had been trading lower than its new all-time low for the majority of September, lost its position as the third-largest cryptocurrency by market cap on Thursday. Tether had risen to third place as the market suffered, while BNB and ADA were trading in the red. This takeover, however, was destined to be short-lived.

    The market began another recovery hours after Tether took third place. Bitcoin, the top coin, had recovered up to 10%, and the altcoin market was quick to follow suit. ADA’s market cap increased in tandem with its rising prices, bringing its total market cap back above $70 billion. Tether is being pushed back down.

    Bears continue to threaten ADA recovery until the asset finds its footing following the sharp price increase. Maintaining its trading range of $2.2 is critical if the asset is to continue its ascent towards $2.5.

    Cardano is currently trading at $2.21, having lost about 2% of its recovered value in the early morning. The market capitalization is currently $70 billion, with a 24-hour trading volume of $2.8 billion.

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