Cardano [ADA] persists in its race towards $3 amidst bear invasion

The bears were entering certain markets while the bulls were bidding adieu to a few others. Cardano [ADA] was undoubtedly in an agreement with the bull. The altcoin was the only asset in the top ten that noted a significant surge. Bitcoin [BTC] was standing still at $45K with no hopes of raging above this zone. Ethereum [ETH] was following a similar trend as the altcoin’s chances of hitting $4K were bleak.

With most of the assets dwelling in the red zone, Cardano [ADA], Terra [LUNA], and Avalanche [AVAX] were the only assets making profits.

At the time of writing, Cardano [ADA] was trading for $2.74 with a whopping 11% surge over the last 24-hours. Despite encountering a drop of 6.26% over the previous seven days, the altcoin managed to stay afloat. This sudden bullish momentum in its market could allow the asset to once again move beyond $3.

The market cap of the altcoin was at $84.96 billion which allowed ADA to reside as the third-largest cryptocurrency. The altcoin held a strong stand in the third rank and had no chances of being disrupted by Binance Coin [BNB] any time soon.

Cardano [ADA] one-hour price chart on Binance

The short-term price chart of ADA was seen inviting bulls into its market. The Parabolic SAR indicator laid out dotted lines below the candlesticks. This line further stood as major support for the altcoin against any sudden drops. The Awesome Oscillator indicator seemed to be confused as it rolled out red as well as green bars. However, towards the end the indicator formulated a green closing bar, further affirming the presence of the bull.

Additionally, the Relative Strength Index [RSI] indicator announced that the altcoin was being overbought. The RSI marker was close to the 70 median and way over the 50 median.