The crypto market is taking advantage of improving sentiment
BTC/USD is trading around $ 9,660 after jumping more than 4% on Monday, Zcash broke above $ 60, and Cardano’s ADA began an upside movement before the upgrade of the Shelley network.
The crypto market kicked off this week with a bullish rally on Monday, fueled by rumors surrounding PayPal. It has been confirmed that company is hiring crypto engineers, but the reason for this is still unknown. Rumors about PayPal and Venmo, integrating crypto payments, continue, but neither side has made official comments yet.
BTC/USD has touched the zone above $ 9,700 twice in the last 24 hours, but apparently the bullish momentum is not strong enough to allow further recovery. For the other major coins, the last trading day was also positive, as all top 20 cryptocurrencies are trading on green territory. Chainlink (+9.12%), Tezos (+5.89%) and Cardano’s ADA (+3.67%) led the way up. Ethereum (+2.56%), XRM Monero (+2.48%), TRX (+2.25%) and Stellar’s Lumen (+2.17%) also found additional support.
For the last 7 trading days only Ripple’s XRP (-0.94%) has decreased modestly.
At the time of writing, the total market capitalization is $ 275.66 billion, with Bitcoin dominating at 65.89%. Trading volumes for the last 24 hours reached 59.65 billion dollars.
Outside the top 20 Zcash was the big winner from yesterday with a growth of 10.39%
This digital coin is attracting more and more attention to itself. Zcash has risen 200% since March 13, but has slowed significantly over the past three weeks. On June 22, ZEC tried to resume the bullish movement and yesterday buyers pushed with even greater strength. This sent ZEC/USD over $ 60, peaking at $ 62.08 before a slight retreat to $ 58.24.
The trend should remain upside in short term and nothing should stop ZEC/USD from testing the next resistance at $ 64.20. On the downside, buyers can use the previous high of $ 56.30 and the 20-day SMA (now at 52.85) as supports.
Cardano eagerly awaits the network upgrade for a jump above $ 0.10
The much-anticipated upgrade of Shelley network is set to begin on June 30, according to a statement from ADA founder Charles Hoskinson. With Shelley’s help, we’ll see Cardano enter the arena of smart contracts. This will allow it to compete with leading platforms such as Ethereum and EOS.
With the arrival of Shelley, Cardano is expected to become significantly more decentralized than any other blockchain network. Cardano’s Shelley upgrade currently has 200 registered stake pools and continues to work hard. From August, the investors will be allowed to help secure the network by staking their ADA tokens. In return, they will receive a reward.
Technical analysis of ADA/USD
The decline from $ 0.08447 on June 18 was short-lived as the bulls aggressively defended the 20-day SMA. This is a positive sign, as it shows that traders expect the upward trend to continue, therefore buying the downturns. Price control is now in the hands of the bulls based on a gap between 50 SMA and 200 SMA on a daily chart.
The trend is bullish also because the break above the downside trend line from the beginning of June and above the resistance of $ 0.085 signals a possible re-testing of $ 0.09019. In addition, the 50- and 200-day SMAs are tilted up, and the RSI is in positive territory.
However, if for some reason there is a decline, the bears will try to plunge ADA/USD to the support zone $ 0.0700 – $ 0.06944.
Author: Silviya Velcheva
* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.