ADA is showing signs of a proper breakout from its current level. The asset which had been consolidating below the $0.50 level appears to have conquered the zone. Cardano now has its eyes set on higher grounds. Alongside this bullish momentum, ADA has overtaken BUSD to retake the 7th largest crypto asset spot.
Cardano retakes spot as 7th largest crypto, flipping BUSD
ADA’s market capitalization is currently a long way down from its all-time high of $95B, seen in September of last year. However, since dipping below $14.2B on July 12, the asset’s market cap has seen a persistent increase. The decrease in ADA’s market cap brought it down to the 8th spot on the list of most significant digital assets.
Nonetheless, the asset retook its initial 7th position on August 8 when its market capitalization surged to $18.51B before experiencing a slight retracement. Despite the minor drop, the gradual upswing over the past few days has been enough to place ADA above BUSD. The stablecoin, which now has a market cap of $17.8B, remains below ADA, currently valued at $18.2B.
At a current market valuation of over $18B, ADA could flip (XRP) with a valuation of $18.6B if bullish momentum persists. While this might not be a viable scenario, the possibility exists, especially considering ADA’s recent movements.
ADA is flirting with the $0.55 resistance zone
ADA appears to be flirting with the $0.55 resistance level after moving past the $0.50 mark. The asset battled against the $0.50 zone, and after facing a series of rejections last month, Cardano has established support at the level. Using $0.50 as its new support, ADA is reaching $0.55 as it targets reclaiming $1.
The asset reached a high of $0.548 on August 8 before facing a retracement back to $0.53. The value at $0.548 was ADA’s highest this month, and it’s not farfetched to expect a move back there.
ADA currently trades at $0.539 as of press time. Though not the best performing asset in the past week, ADA has increased its value by 6.36%. As the markets progress, if ADA can conquer $0.55 and create a support zone, the asset could be setting its eyes on $1.