Cardano (ADA) mimics market trends to make a recovery

  • March 9, 2022

The cryptocurrency market has made a notable gain during the past 24 hours. The global cryptocurrency market cap has increased by 6.2% during the past 24 hours, and Bitcoin (BTC/USD) has gone back to trading above $40K. The rising market support has contributed to price gains for other tokens.

Cardano (ADA/USD) has been vastly affected by the significant market dips recorded since the beginning of the year. The token has made a slight gain during the past 24 hours, allowing it to target a price rally to $1.

Cardano turns bullish amid market recovery

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Cardano is currently sitting at a critical level of $0.85. The price of this token could continue to gain, and it could test the next resistance level at $0.88 if the current bullish trend continues.

If ADA hits this level, it could continue with a bold uptrend and target a higher resistance level at $0.92. However, for ADA to reach these levels, it needs the support of both the buyers and the market.

The cryptocurrency markets have turned bullish as Ukraine changes its stance on NATO. This has eased fears across the financial markets. If the positive outlook remains and market anxiety drops, ADA could be primed for a major recovery towards the $1 levels.

ADA could turn bearish

The current recovery does not necessarily mean that the market anxiety has completely cooled off. There are still tensions regarding the executive order on crypto that will be signed by the US President this week.

If ADA’s prices turn bearish, the lower support level of $0.78 will be tested. ADA was trading at these levels before a bullish trend across the cryptocurrency market was formed. Therefore, if the current trend is being fuelled by short-term traders, they could decide to dump their holdings and take ADA back to lower levels.

If ADA drops further below $0.78, it will drop to monthly lows. If it drops below $0.75, the market sentiment at this point will determine the trend that the price of the token will take. If buyers are unwilling to enter at this point, the price could drop to $0.69.

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