Did The Bearish Mood in the Crypto Market Catch Up With Cardano?
Early on Monday, Cardano (ADA) is trading somewhat range-bound, taking a bit of a breather after the last few sessions when it experienced considerable volatility. At the time of writing, ADA/USD is trading at around $2.18.
Even when the overall crypto market went through a rout over the past few sessions, Cardano has managed to hold on to its gains, although it did experience a double-digit dip on Sunday. The Ethereum killer has been in the spotlight and making gains ever since Tesla CEO Elon Musk suspended Bitcoin as a payment method and started looking for more energy efficient alternatives.
However, the sell-off in the crypto market finally caught up with Cardano, sending it into the red – over the past 24 hours alone, ADA has lost more than 9% of its value. Over the past week though, it has strengthened by over 22%, sending its market cap to over $70 billion and helping the cryptocurrency climb up to the fourth position on the CoinMarketCap chart.
Key Levels to Watch
For now, Cardano price holds above the key $2 level, which offers some hopes for the uptrend to restart in the near-term and indicates a strong level of investor confidence in the digital asset. On the 4-hour price chart, moving averages are doing a great job of supporting the bullish momentum in ADA/USD.
Looking ahead, keep an eye on the immediate resistance which sits at $2.45 – a break above this can increase buying interest and take Cardano to new highs. On the other hand, if the resistance succeeds and the price is unable to break past this point, sellers could step in and turn Cardano bearish, taking it all the way below the $2 level to $1.70 where it could find some support.
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