Cardano (ADA) Recovers on Sunday: Can it Reclaim $2 This Week?
The last week has not been kind to Cardano (ADA), causing a loss of of over 35% of its value, although it seems to be posting a slight
The last week has not been kind to Cardano (ADA), causing a loss of of over 35% of its value, although it seems to be posting a slight recovery on Sunday. At the time of writing, ADA/USD is trading at around $1.45.
The recent crash in the crypto market which caused market leader BITCOIN to experience a sharp drop in value also caused a severe fall in Cardano. Although, with the market hobbling its way back towards recovery and investors feeling optimistic after the retracement, could the Ethereum killer also see a speedy recovery and a reclaiming of new ATHs?
Despite the weekly loss, Cardano has made gains over the past month and the founder of IOHK, Charles Hoskinson, remains just as upbeat about his blockchain network and cryptocurrency. In a recent interview, he observed that the recent crash should be seen as somewhat of a pullback and is to be expected in the volatile and unstable world of cryptocurrencies.
Cardano traders have much to look forward to, especially the upcoming upgrade which could power its smart contract capabilities. Following the success of previous hard forks “Mary” and “Allegra”, the upcoming event Plutus is likely to experience enough traction amid the ongoing DeFi boom.
Key Levels to Watch
For now, ADA/USD is trading with a bearish bias, as exhibited by the MACD indicator and the moving averages. The price finds support at $1.12 and the next immediate level of interest sits just above the current price at $1.49.
If buyers are able to break past this level, we could see Cardano return on to its bullish track and make a play for $1.72. In case the overall crypto market’s sentiment turns more upbeat, Cardano could reclaim the $2 level in the near-term as well.
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Thank you for a very informative report.