Cardano’s ADA token was close to its peak in two months, Aug. 10, as daily gains drew near to 6%.
Data from TradingView and Cointelegraph Markets Pro showed that ADA/USD challenged resistance reached $1.59, its highest level since June 15.
Cardano bulls battle $1.60
Cardano, one of the top performing cryptocurrencies according to market capital, was still struggling to overcome multi-month resistance of $1.60 at the time this article was written.
However, the performance was still impressive and caught Peter Brandt’s attention, who was keen to see recent strength.
“New development in Cardano ADAUSD. The advance through the July 4 high goes a long way to negate the potential bearishness of the H&S top in this crypto,” he told Twitter followers in an update on the day.
“In fact, this price movement can be considered bullish so long as the price remains above 1.25.”
Brandt referred specifically to a head & shoulders reconstruction on ADA/USD that the run to the highs in Aug. 10 had helped to overcome.
Michael van de Poppe, a fellow trader and contributor to Cointelegraph, was also positive about the future price odds.
“Good bounce from Cardano, but didn’t break the downtrend until now. He summarized, “Looks good.”
Van de Poppe stated Monday that ADA had made a strong defense against Bitcoin (BTC) after seeking a retest for support.
ADA/USD saw its all-time highs of $2.50 on May 16, coinciding with a turning point across altcoins as Bitcoin fell due to the China-inspired miner exodus and the associated loss of hash rate.
Altcoins experience Bitcoin beating gains
Many altcoins outperformed Bitcoin’s 18.5% gain on a weekly basis, boosted in part by Ether (ETH), which was released after the successful London hard fork deployment.
At the time of writing, ETH/USD was at $3,110, up 25% from seven days ago, and fresh off local highs close to $3,200.
As Cointelegraph noted, the total cryptocurrency market cap passed $1.9 trillion for the first time this week since May, nearing the significant $2 trillion mark once again.
