Bitcoin corrects sharply – is the altcoin rally coming to an end?
After a two-month rally on the crypto market, there were more significant price drops in the past trading week. The correction of Bitcoin (BTC) also caused many altcoins to drop significantly in value.
The past trading week was characterised by significant profit-taking. The cryptocurrency Bitcoin (BTC) fell back to the 43,000 USD mark. In the last 24 trading hours, however, the overall market was able to increasingly Immediate Edge stabilise and stem its price losses from the previous week. If Bitcoin rises again above USD 51,000, altcoin prices could also gain momentum again. Cardano (ADA) in particular bucked the relative weakness and generated a new all-time high.
Best price performance among the top 10 altcoins:
The Mainnet launch today (Monday) also provided positive sentiment for Cardano investors in the past trading week. On Saturday, 27 February, the ADA price reached a new all-time high of USD 1.48. In the course of the price correction on the market as a whole, Cardano also fell back somewhat, but is currently trading within its upward trend channel at USD 1.26. The price of the ADA is now at a new all-time high.
Starting from a new all-time high of USD 1.48, the price of Cardano corrected in the course of the overall market correction back to USD 1.15 and missed a breakout from the upward trend channel for the time being. If the ADA price promptly climbs back towards the all-time high and stabilises above the trend channel, an attack on the 461 Fibonacci extension at USD 1.52 should follow. If Cardano also manages to overcome this resistance at the end of the day, the zone between USD 1.77 and USD 1.92 will first come into view. This is where the 127 Fibonacci extension and the 138 Fibonacci extension are found.
If this trend can continue after the main net launch, a march through towards the 161 Fibonacci extension at USD 2.24 is conceivable. If the bulls can also overcome this price level, another interesting price target for the coming trading weeks awaits at 2.77 USD. If the bullish rally on the entire crypto market continues, a rise to the 261 Fibonacci extension at USD 3.62 is possible in the medium term. Should Cardano become a serious competitor to Ethereum, a rise towards USD 5.00 is also conceivable in the long term. This is where the 361 Fibonacci extension is found. Only if the ADA price falls out of the trend channel at 0.97 USD and also falls below 0.80 USD would the price rally be stopped for the time being.