|

Cardano price rebounds swiftly with $1 in sight

  • Cardano price action makes a solid turnaround as bulls get ready for the rally to $1.00
  • ADA price looks set to hit $0.90 later in the US session.
  • Expect to see a substantial influx of investors as a longer-term relief rally looks to be underway.

Cardano (ADA) price has been on a turnaround since yesterday as markets focus on the continuing peace talks, and Ukraine is now willing to step away from membership with NATO. These elements sparked a massive inflow of buyers during the ASIA PAC and the European session as the Relative Strength Index performed a knee-jerk reaction against bears. Expect to see intraday ADA price action hit $0.90 and by tomorrow or Friday $1.00 depending on additional positive elements added to the current environment.

Cardano price puts $1 tag on peace talks

Cardano price action is set to pop around 10% today, with already 6% of gains booked during the ASIA PAC and the European session, the inflow of bulls during the US session will add another 4%. In terms of price value, that would mean somewhere around $0.90, prepositioning investors for another 15% of gains by Friday and printing $1.00 on the quote board. This would erase most of the losses incurred in March. With still a few weeks to go, March could become the most profitable month in the lifespan of Cardano.

ADA price reaction intraday looks to be only one-way south as we will see another acceleration going into the US session. Expect possibly into the US closing bell to see a final push that could hit $0.90 in the process. With this, bulls will gladly sit on their hands going into Thursday and Friday as $1.00 is only 15% off from where Cardano price action would open tomorrow.

Cardano/USD daily chart

Cardano/USD daily chart

Should the situation in Ukraine deteriorate yet again as peace talks stall or fail, expect ADA price action to fall back to the opening price at $0.80. In a two-tier stage, first, this week's low will be retested at $0.78, followed by the February 24 low at $0.75. That would mean an intraday loss of 7%, still on the cards.



 

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

Top Altcoins Price Forecast: XRP and ADA rebound as DOGE lags behind

The broader cryptocurrency market shows early signs of a bullish recovery, with Bitcoin rising above $65,000 amid improving retail sentiment. Top altcoins, including Ripple and Cardano, are gaining bullish momentum, while Dogecoin continues to consolidate, holding above a crucial support zone.

Ripple and Stellar outlook: Mixed signals keep traders at a crossroads

Ripple and Stellar trade within tight ranges as traders await the next directional move. XRP’s technical indicators suggest bearish momentum is fading, while XLM continues to consolidate near a critical support zone. Mixed derivatives metrics highlight growing market indecision, raising the likelihood of a volatile breakout in either direction in the coming days.

Shiba Inu Price Forecast: Extends gains as on-chain and derivatives metrics confirm bullish bias

Shiba Inu extends gains, trading above $0.0000042 after breaking above the descending trendline the previous day. Strengthening on-chain data and improving derivatives metrics support further gains for the meme coin. CryptoQuant’s exchange netflow chart below shows five consecutive days of net outflows since July 17.

Bitcoin climbs above $65K as ETF flows recover despite rising macro risks
Bitcoin (BTC) has climbed above $65,000 on Monday as improving onchain activity, recovering US spot Bitcoin exchange-traded fund (ETF) flows, and stabilizing derivatives point to a more balanced market, according to Glassnode.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.