ADA, the native currency of Cardano, formed a classic bearish ‘head and shoulders’ pattern weeks back (I explained that in this article). The cryptocurrency was really struggling to achieve a renewed rally as it was trading below the 50-day moving average and 99-day moving average. Many analysts predicted a bullish-to-bearish trend reversal for ADA which had outperformed BTC and ETH in this bull run so far. In the crypto market, the performance of altcoins is often dependent on BTC and this time BTC showed a new vigour and started to trade above its 200-day moving average. ADA also crossed its crucial 1.4 USD resistance quite swiftly. The cryptocurrency is currently trading above 2.1 USD and dethroned BNB from the number three rank as per market capitalization. What worked for ADA?
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