- Bitcoin (BTC) is back above $50k as the rally continues.
- Cardano (ADA), continues to break records.
- Ethereum (ETH) eyes set on $3,500.
The market's rebound in cryptocurrency continues, with the total market adding $100 billion to its market capital over the weekend. The rally saw Bitcoin surpass Ethereum while alt-coins enjoyed strong single-digit gains as they rebound from their multi-week lows. The market's bullish mood has been supported by the news that PayPal will be adding a cryptocurrency section in its app. This section will allow customers to trade a few coins.
Bitcoin broke through recent resistance on Saturday and now appears to be making an orderly move higher. This is something that is not usually associated with volatile cryptocurrency markets. The next level in technical resistance is near with the 61.8% Fibonacci retracement at just above $51,100, before the mid-May double top around $59,000.500 becomes apparent. The market is in a positive mood as the 20-day SMA is set to surpass the 200-day SMA.
Cardano is still the third largest cryptocurrency market cap at $91 billion and continues to set new records. Although there is little data on the charts that suggests technical resistance, large figures at $3.50 and $3.50 could be initial areas of opposition. However, the current enthusiasm for the coin may make these levels irrelevant. Buyers remain the dominant force in the market for now.
Ethereum is currently testing resistance at $3,340. However, price action remains positive and a confirmed break could open the way to new multi-month highs. The resistance of the ascending channel currently stands at $3,470/$3,480. If Ethereum can climb back into that channel and respect it, then further gains will be possible. The CCI indicator shows ETH at overbought levels while all three simple moving averages are positive.