Price-charts suggest ADA saw support at the 45 cents level. Readings on the Relative Strength Index (RSI) – a tool used by traders to calculate the magnitude of an asset’s price move – fell to nearly 33 earlier this week, which suggested early signs of ADA bottoming out. However, the token could see strong resistance at the 80 cents mark.
ADA bottomed out the past week, but resistance exists at the 80 cents mark. (TradingView)
Ether (ETH) added 5.8% even as gas fees fell to lows. A fall in fees usually implies falling demand for the network, suggesting the move may have been led by traders betting on a market-wide revival instead of being driven by fundamental growth.
XRP rose 5%. Avalanche’s AVAX and Solana’s SOL added up to 4%. Meme coins dogecoin (DOGE) and shiba inu (SHIB) saw limited gains, rising just 3.8% and 2.3% respectively, to underperform the broader market.
Elsewhere, metaverse tokens saw a bump in prices. Axie Infinity’s AXS rose 46%, while The Sandbox’s SAND rose 11%. Growth in AXS came weeks after the game’s “Origin” version was launched in April, which created a demand for the tokens.
The relief in crypto markets comes amid optimism in Asian markets. Coronavirus cases in China dropped to under 100 for the first time since early March, spurring an increase in sentiment among traders betting on a wider economic recovery.
The rally in Asia continued on Tuesday. Hong Kong’s Hang Seng and China’s Shanghai Composite added over 0.70% since the session’s start, while futures on U.S. tech-heavy Nasdaq 100 gained 0.63%.
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