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

Written by: Aiswarya Gopan • Sunday, May 23, 2021 • 2 min read

• Last updated: Sunday, May 23, 2021

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 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.

BUY ADA/USD

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ABOUT THE AUTHOR See More

Aiswarya Gopan

Financial Writer & Editor - Asia & Europe Desk

Aiswarya Gopan is a financial journalist, editor, and content strategist with more than 19 years of experience across financial markets, fintech, blockchain, and technology. She has worked with leading cryptocurrency exchanges, including BingX and KuCoin, driving content strategy, market research, and editorial initiatives covering digital assets, DeFi, Web3, and global financial markets. Drawing on a background in cybersecurity, technology journalism, and market research, Aiswarya specializes in translating complex financial and blockchain developments into clear, timely insights. At FX Leaders, she covers cryptocurrency, stocks, forex, and macroeconomic developments across the Asian and European trading sessions.