Cardano (ADA) Gives Reasons For Hope in a Bearish Crypto Market
Even while the overall crypto market was crashing through the past few sessions, Cardano (ADA) earned the distinction of remaining somewhat immune to the bear trend initially, only to fall sharply a little while later. However, after a particularly bearish run over the weekend, Monday has been somewhat kinder to the digital asset, with its value rising by more than 8% over the past 24 hours.
At the time of writing, ADA/USD is trading at around $1.42 and occupying the fourth position among leading cryptocurrencies in the ranking by market cap. After losing over one-third of its value over the past week, its market capitalization sits above the $47 billion as on date.
The bullish moves in Cardano in early trading on Monday could be the result of recent comments from leading crypto trader, Benjamin Cowen, who believes that it is one of the most promising digital currencies that experienced a not as severe decline through the recent crash. However, he feels that even though ADA has some hope for bullishness in the mid-term, the immediate moves would be dictated by the price action in market leader Bitcoin.
In a video on his YouTube channel, Cowen remarks, “ADA is actually one of the few coins that’s holding up relatively well against Bitcoin. Many coins have bled significantly against ADA. ADA has not. It has come down some.”
Key Levels to Watch
On the 4-hour price chart, moving averages indicate a strong bearish bias in ADA/USD even though technical indicators MACD and momentum are bullish on this crypto pair. For the bullish trend to gather some strength, buyers have to succeed in taking the Cardano price above the pivot level which sits at $1.53.
In case the bullish momentum manages to gather pace, we could see buyers attempting to take ADA above the key $2 level in the near-term. On the other hand, a build-up of selling pressure could see ADA/USD break below the key $1 level in the coming sessions.
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