Altcoin season seems to be underway today, as a number of cryptocurrencies decouple away from the sliding Bitcoin market and record positive gains. Out of the top 20 cryptocurrencies by market capital, Cardano is standing out as one of the best performers over the last 24hrs. So far the asset has managed to secure a promising 5.43% against the US dollar and pull ahead of Bitcoin by 5.34%.
Right now ADA is tantalisingly close to retesting the psychological $0.05 mark (0.786 fibonacci level), which has been a long-standing resistance for the asset as far back as November, 2018. If buyers succeed in breaking over this key level then it is likely that ADA will enter into a new bullish phase and begin reclaiming lost ground from 2018. However, if the asset fails to test the $0.05 mark for the second time, the price action will hit a bearish double top pattern and tumble back down towards lower support levels.