Cardano (ADA) price trades with significant gains on Monday. The price opened lower but quickly recover to the session’s high and gather the pace after the U.S session opens. The first round of ceasefire between Russia-Ukraine concluded with no immediate action. ADA could further see a minor uptrend as bulls attempt a comeback.
- Cardano’s (ADA) price creeps higher on Monday.
- A decisive close above the descending trend line will result in further gains.
- Momentum oscillators trade with positive bias.
As of press time, ADA/USD is trading $0.92, up 8.04% for the day. The eight largest cryptocurrencies held 24-hour trading volume at $1,749,217,632 with more than 70% gains as of CoinMarketCap.
ADA looks for an upside reversal
On the daily chart, Cardano’s (ADA) price has been on the constant downside trend since January 18 and is looking for an upside reversal. The descending trend line from the highs of $1.64 acts as a resistance for the bulls.
In an earlier attempt, bulls failed to pierce above the bearish sloping line at $1.28. The price retraced with a descent of 45% to the swing lows of $0.74, since then the price has been consolidating near the $0.80 reliable support level.
Now, if the bullish momentum scales up then bulls could smash above the trend line with the immediate upside target of $1.0.
Next, ADA will meet the upside hurdle at the highs of February 16 at $1.11 followed by the $1.97 horizontal resistance level.
On the other hand, a spike in sell orders could drag ADA toward the session’s low of $0.84 followed by the lows of February 24 at $0.74.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) trades at 43 above the average line.
MACD: The Moving Average Convergence Divergence (MACD) reads below the midline but with a positive bias.
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