- Cardano price is showing positive signs in reaction to technical levels.
- Though ADA price is in a steady downtrend it is showing upside potential for bulls along the way.
- Expect to see a modest return to $0.687 or even $0.779.
Cardano (ADA) price underwent a heavy rejection against the monthly pivot at $0.915, with the 55-day Simple Moving Average (SMA) hovering just above. The firm pushback triggered a sell-off that picked up in speed because of the additional factor of dollar strength. Investors awaited to start buying at $0.47-$0.50 before triggering a fightback towards $0.779, a gain of 65% profit overall.
ADA price set to rebound 65%
Cardano price has been in a fairly contained and controlled downtrend since the rejection it received against the monthly pivot at $0.915. Investors jumped in massively to buy the dip at the fade-in area identified before, between $0.47-$0.50. Proof of that comes with the low of Wednesday at $0.47, the close on Thursday at $0.47 and the opening price today at $0.47.
ADA price looks to be the best on paper amongst all cryptocurrencies to rally to the upside and recover ground as investors and bulls in ADA price have proven to be more loyal to their crypto pair. Expect to see a rally back up to $0.687, where a daily close is needed this evening if ADA bulls want to pursue the rally up to $0.915 and print 65% of gains in the process.
ADA/USD daily chart
Cryptocurrencies have entered a dark night these past few days, with questions growing on the cash buffers and viability of some stablecoins. Should more negative headlines come out of that corner, expect a quick return to $0.47, possibly followed by a sharp decline to $0.40, before being picked up again. Another leg lower towards $0.11 could be triggered if a stablecoin defaults or if Russia retaliates against Finland joining NATO by positioning nuclear rockets across the border.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.