The cryptocurrency market is off to a good start to the week, with most cryptocurrencies currently in the green zone.
The wider crypto market is trading in the green zone. Today, the total market capitalization of cryptocurrencies has grown by more than 5% and is now close to $1.3 trillion.
Bitcoin remains the market leader, up more than 6% in the past 24 hours. At press time, BTC is trading above the $31,500 resistance.
Ether is also doing well, up 7% so far today and is currently trading above $1,900.
ADA, the native token of the Cardano ecosystem, is the best performer among the top 10 cryptocurrencies by market cap. So far today, ADA is up over 11% and is currently trading at over $0.62 per coin.
Cardano has been doing well up until the Vasil Hard Fork of the network. The upgrade is expected to take place on June 29, and many expect it to greatly improve the scalability and performance of the network.
Key Levels to Watch
The ADA/USD 4-hour chart is currently bullish as the cryptocurrency is doing well today. Technical indicators show that ADA has performed well over the past 24 hours.
The MACD line moved into positive territory over the weekend as ADA outperformed. The 14-day RSI of 71 suggests that ADA may soon enter overbought territory.
If the rally continues, ADA could breach the first major resistance level at $0.668 before the day’s close. However, it needs support from the broader market to break above $0.720 for the first time this month.
On the other hand, if the bears regain control of the market, ADA could sink below the 50-day SMA at $0.5605.