Cardano Price Turns Bullish as Bitcoin Shows Signs of a Recovery

Some minor bullish momentum appears to be affecting most of the cryptocurrency markets at this time. That in itself is a bit surprising, primarily because there was no indication anything of this kind would occur today. The Cardano price is trying to move up again, although it seems unlikely it will surpass Stellar in terms of market cap.

Cardano Price Tries to Crawl out of the Hole

There are many different interesting trends in the cryptocurrency world to keep an eye on. When Bitcoin moves up, alternative markets usually follow. When Bitcoin goes down, the exact same occurs but in a far more depressing manner. The current minor Bitcoin gains pay dividends for altcoins such as Cardano. This market is moving up in value, as it has successfully maintained the $0.06 level without too many problems.

Over the past few hours, the Cardano price momentum has taken an interesting turn. Following a 5.6% increase in USD value and a 5% gain over Bitcoin, things are starting to look up once again. In terms of ADA/BTC, it remains to be seen how high the value can go. The current 1.546 Satoshi level seems to be solid, but a further push might be too much to ask right now.

On social media, there are many people who expect big things from Cardano. Ecossexrp1, for example, prefers to buy 65,000 ADA for the same price as one Bitcoin currently, primarily because Cardano will potentially make traders a lot of money in less time. A very bullish sign, although one has to keep in mind there is a limit as to how high these altcoins can go unless Bitcoin enters the $19,000 range again.

CryptoSheldon, on the other hand, looks at the ADA price chart with a different set of expectations. According to his brief TA, there is a bullish divergence forming for Cardano, which usually yields even higher values in the days to come. However, this market heavily relies on Bitcoin’s momentum first and foremost, thus one shouldn’t get ahead of themselves either.

As has been the case for quite some time now, there is at least one triangular arbitrage opportunity for traders to explore. The one involving Cardano can yield a potential profit of up to 48%, which is rather lucrative to explore. It also involves some of the bigger exchanges, albeit not everyone is comfortable with using HitBTC, for rather obvious reasons.

All of the signs seem to confirm the Cardano value may remain bullish for at least another few hours. Anything beyond that point can easily swing either way, as no one knows what will come next. Bitcoin is still on shaky legs, and another bearish wave is far from unrealistic. The best course of action is to cash out profits quickly and often before they go up in smoke again.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.