Bitcoin has been the dominant leader for the most part of this recent rally. However, it seems that Ethereum bulls are finally awakened and have pushed the digital asset towards a high of $745, not seen since May 2018.
Despite Ethereum price skyrocketing in the past few days, the number of coins inside exchanges is still declining, which indicates it is going out to other platforms, decreasing the selling pressure.
Cardano has been trading inside a parallel channel for over a month and it’s getting closer to a breakout. Bulls have managed to secure several critical support levels and are now ready to push ADA above a key resistance point.
On the 4-hour chart, Cardano has established a parallel channel and bulls have pushed the digital asset above the 50-SMA, 100-SMA, and 200-SMA, turning all three into support levels.
The Chinese cryptocurrency and blockchain reporter Colin Wu noticed that Binance, one of the world’s largest cryptocurrency exchanges, replaced ETH in three cryptocurrency pairs on Binance APP homepage with Polkadot (DOT). The change took place on December 28, when ETH settled above psychological $700 and tested a new 2020 high at $736.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.