- Summary:
- Cardano price has been stuck in a narrow range between $0.680 and $0.770 for nearly two weeks. We discuss the odds of breaching that barrier.
Cardano price was up early on Monday, mirroring the broader market recovery. ADA traded at $0.727 and up by 2.4% at press time, registering a second successive daily gain. However, the coin is still stuck in the $0.680-$0.770 range within which it has been bound for the last twelve days. Therefore, its upside will likely be subdued unless it breaches the next major resistance at $0.780.
The crypto market has been signaling a potential recovery in the last four days, and that momentum could come into play if Bitcoin price reclaims $90k. For Cardano price, the risk of a major drop is rising fast if it continues with its sideways action. About 70% of ADA investors are long, meaning that a prolonged underperformance could trigger massive liquidations.
Ultimately, Cardano price recovery is tethered to the broader market sentiment. US President Donald Trump stirred up the markets on Sunday after saying that he was open to the possibility of readjusting his position on “reciprocal” tariffs set to enter into force from April 2.
In addition, a key Trump supporter, Republican Senator Steve Daines’ visit to China and meeting with Chinese Premier Li Qiang gave investors hope that the two nations could reach a compromise on trade relations in the coming days. While nothing concrete was announced after the meeting, it was the first visit by a high profile Republican since Trump’s inauguration and lowers the risk aversion that has exerted pressure on cryptocurrencies, including ADA.
Cardano Price Prediction
Cardano price pivots at $0.716 and action above that level will favour the buyers to be in control. The first resistance will likely be at $0.733. Breaking above that level will signal a stronger momentum that could potentially take the coin higher to test $0.744.
Conversely, breaking below $0.716 will shift the momentum to the downside. That will likely establish the first support at $0.700. Breaking below that level will invalidate the upside narrative and could potentially open the pathway to test $0.687.
