The crypto market was reeking of volatility. Bitcoin [BTC], Cardano [ADA], and an array of coins were being subject to the constant fluctuations between the bears and bulls. Earlier today, the entire market was noted drowning in the red sea. However, at press time all the assets recorded prompt recovery as they were glistening in green.
This drastic change was for the best as Bitcoin [BTC] was slipping below $60K. Nevertheless, this was soon reversed as BTC was trading for $61K, at the time of writing. Ethereum [ETH], also endured a slight setback but managed to jump over $4K.
Two coins were performing exceptionally well. Shiba Inu [SHIB] and Dogecoin [DOGE] were amassing profits up to 30% and more.
Cardano [ADA], during the time of writing, was trading at $2.03 with a 4.18% surge over the last 24-hours. The altcoin noted a major drop yesterday and earlier today. While its all-time high of $3.10 was still far away, the persistence of the current trend could bolster the altcoin’s journey.
Cardano has traveled all over the crypto ranking board. From being the third-largest cryptocurrency, ADA dropped down to the fifth position. At press time, Cardano’s market cap was at $67.3 billion.
Cardano [ADA] one-hour price chart on Binance
The one-hour price chart of Cardano [ADA] was harboring the bull. All the signs were pointed towards a potential surge in the altcoin’s price. The Parabolic SAR indicator laid out dotted lines below the candlesticks. This line further acted as a support or barricade against any immediate descent. The Awesome Oscillator delivered a series of green bars and its closing bar was also painted in green which announced the presence of the bull in the ADA market.
The buyers’ were still purchasing ADA, however, the Relative Strength Index [RSI] indicator suggested that a reversal of trend may occur soon. The RSI marker was pointed towards the sellers’ zone.