It would appear the bullish market momentum which materialized yesterday, has not relented as of yet. A bit of a surprising development, but a positive market development nonetheless. The Cardano price is still noting strong gains, following its recent 11% uptrend. If this momentum remains in place the $0.05 price level should be reached fairly soon.
Cardano Price Continues to Surprise
It is evident there are many different types of momentum within the cryptocurrency industry. Although it is obvious most markets need a bullish Bitcoin price trend first and foremost, the current gains are pretty interesting regardless. Cardano, for example, is rising in value fairly quickly all of a sudden, primarily because it successfully improves its position over Bitcoin.
Over the past 24 hours, the Cardano price has noted a very impressive rise in value of 11.4%. This brings the current price to $0.0477, which means $0.05 is not that far away either. In terms of ADA/BTC, it appears there is a 5.9% uptrend to take note of as well. Both trends confirm the bullish crypto market momentum is not necessarily going away anytime soon.
There is some genuine excitement regarding Cardano on social media as well. On the surface, this has everything to do with the recent price increase first and foremost. Ryuzaki is confident this is the bull run people have been waiting for. Similar momentum seems to affect some other top altcoins as well, which can lead to either further gains or a massive decline.
https://twitter.com/RyuzakiBTC/status/1097765170015657984
It would appear the current ADA price chart is getting a lot of attention, which is only to be expected at this point. With Bitcoin giving all markets a helping hand, it is somewhat normal to see the top markets gain over 10% without too many problems. Even so, this is not a push to the moon whatsoever, as there is still a lot of room for a possible reversal.
#ADA #CARDANO 🚀🚀🚀🚀 pic.twitter.com/EtGAnftsCT
— ÇİKO DAYI (@CointahtaCiko) February 19, 2019
Especially where ADA/BTC is concerned, it would appear things can get pretty interesting over the coming hours and days. More specifically, it seems the first level has already been reached in this regard, which can easily indicate some profit taking will occur fairly soon. If and when that happens, it seems logical to assume the Cardano value might take somewhat of a hit.
$ADA / $BTC#ADA / #BTC
İlk hedefe geldi. pic.twitter.com/VGALqokNNl— Köseoğlu (@DK_Koseoglu) February 19, 2019
For the time being, there is so much green across all charts one has to wonder if this is a dream. However, it appears this is a form of market reversal which has been long overdue. As long as the momentum remains positive, there will be further gains across the board. However, one has to keep in mind over $5bn was added to all markets in less than a week, which is usually unsustainable in terms of long-term growth.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com