Cryptocurrency News

Cardano Hits All Time New Highs Over $1.70 USD – Price Analysis.

ADA, the native token of the Cardano smart contract platform, has joined the altcoins hitting new all-time highs in the week.

Data from CoinMarketCap and TradingView reveal ADA/USD hitting over $1.71 USD for the primary time earlier today on 7th May.

Cardano Hits All Time New Highs Over $1.70 USD - Price Analysis.

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.

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