ADA, the native token of the Cardano smart contract platform, has joined the altcoins hitting new all-time highs in the week.
In a move that an increasing number of large-cap altcoins are seeking to repeat, Cardano gained impressively within the past few days, going from below $1.30 USD to the highs as selling walls disappeared.
Now, analysts are eyeing short-term targets of $5 USD as Bitcoin [BTC] continues to range, giving fuel to an already lively altcoin scene.
“The thing I don’t like on ADA right now: There was tons of volume, and now there’s not,” popular trader Scott Melker revealed within an official note of caution during a market overview earlier within the week.
He added that the ADA/USD chart nonetheless still “looked fine” but that the pair was presently better suited to investors instead of short-term traders.
Against BTC, Cardano remains far below its all-time high – a trait common to several altcoins despite their USD performance. ADA/BTC reached 0.000071 BTC earlier in January 2018 and presently resides at 0.00003 BTC.