The altcoins are on the brink of an all-time high. At the same time Cardano (ADA) is breaking out strongly, up more than 12% at one point earlier on Thursday. Is this the beginning of the altcoin bull run, and will $ADA be one of the major cryptos to lead it? Combined altcoin market cap stops just short of all-time high Source: TradingView Total2 is the chart of the combined market capitalization of all the cryptocurrencies excluding $BTC, and is therefore a good barometer of how the altcoin market is performing. As can be seen in the chart above, the price has broken out of the descending trendline, which stretches all the way from the last altcoin market all-time high at $1.71 trillion. The current price surge stopped just short of this at $1.69 trillion, and may be coming back to confirm the trendline breakout. At the bottom of the chart, first the Stochastic RSI shows the indicator lines perhaps shaping to cross back up, while the Relative Strength Index reveals the indicator line could be about to push up through its own downtrend line. All appears very bullish. $ADA breaks out and taps major $1 horizontal resistance Source: TradingView The daily chart for $ADA shows how the price has exploded through the descending trendline on Thursday. That said, the price has come back since tapping the big resistance at $1 and has currently reached a support level. It remains to be seen if this hot market will help the price return to attempt this major resistance, or whether a retest of the breakout might take place. The Stochastic RSI indicators on this time frame are arriving at the top so a retrace is on the cards, although it’s not known how soon this could take place (before or after the $1 resistance breakout). Two major horizontal resistances are barriers to ATH Source: TradingView The weekly time frame for the $ADA price puts the scale of the task of getting back to the all-time high firmly into perspective. There is a long way to go. That said, breakouts of these next two major resistance levels would go a long way towards getting back to the ATH. At the bottom of the chart, the Stochastic RSI indicators rather look as though they are shaping to cross back up. If they do so, this could provide the momentum to break past the resistances. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
