Cardano (ADA) is currently trading at $2.14 as it continues to stagnate during Bitcoin’s surge to record highs.

The entire altcoin market has struggled over the past three weeks, with Bitcoin dominance rising to 47.2% from 41.02% on October 1.

This demonstrates the cyclical nature of the cryptocurrency market as a similar pattern was also present during Bitcoin’s run from $11,000 to $40,000 in December and January, as well as in the initial 2017 run to $20,000.

What typically happens after a consolidative period for altcoins is what many call an “alt-season”, which involves capital being rotated from Bitcoin to more speculative long trades on the likes of ADA, ETH, BNB and others.

ADAUSD chart by TradingView

When this eventually happens ADA can be expected to rise back to the $2.46 level of resistance with potential upside targets being set around its record high of $3.09.

However, Bitcoin dominance remains relatively low in comparison to previous cycles, which suggests that it has some more room to run before capital rotates into the altcoin market.

In the short term, ADA needs to maintain the $2.06 level of support in order to prevent a corrective move down to $1.90 and potentially $1.69.

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Cardano pricing

Current live ADA pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Cardano price. Pricing is also available in a range of different currency equivalents:

US Dollar – ADAtoUSD

British Pound Sterling – ADAtoGBP

Japanese Yen – ADAtoJPY

Euro – ADAtoEUR

Australian Dollar – ADAtoAUD

Russian Rouble – ADAtoRUB

Bitcoin – ADAtoBTC

About Cardano

Cardano claims to have tried to change the way cryptocurrencies are designed and developed, balancing the best of the functionality of several cryptocurrencies into one coin. The project began in 2015, the work of a global team of scientists and academics. ADA was released in September 2017.

Cardano is one of the largest cryptocurrencies and is one of The Top 10 Cryptocurrencies by market capitalisation.

More Cardano news & information

If you want to find out more information about Cardano or cryptocurrencies in general, then use the search box at the top of this page. Here’s the latest Cardano article to get you started:

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.