ADA is leading a cryptocurrency surge with 17% gains at $0.64 ahead of the upcoming Vasil hard fork and an increase in token issuance.
The technical price outlook shows that ADA found support at $0.45, with the relative strength index indicating that the asset is about to bottom out. The $0.8 is reportedly the next possible resistance level.
Ethereum jumped 5% despite a drop in the gas fees signifying a lower network demand. Avalanche’s AVAX and Solana’s SOL both increased about 4%. Dogecoin and Shiba Inu rose 3.8% and 2.3% in the same period, respectively.
The cryptocurrency market has recorded a 4.4% increase in market capitalization in the past day as the traditional markets showed strong momentum and bitcoin bottomed out.
Bitcoin reclaimed the $31k price level on Monday following nine weeks of losses, with the technical outlook showing that the token bottomed out between $29k and $30k.