Cardano (ADA) price is trading with significant gains on Monday. The price opened lower but quickly recovered to the session high and picked up the pace after the US session started. The first round of ceasefires between Russia and Ukraine ended without immediate action. ADA may further see a small uptrend as bulls try to make a comeback.
The price of Cardano (ADA) is creeping higher on Monday. A decisive close above the bearish trendline will result in further gains. Momentum oscillators act with positive bias.
At the time of writing, ADA/USD is trading at $0.92, up 8.04% for the day. The eight largest cryptocurrencies had 24-hour trading volume of $1,749,217,632 with over 70% gains from CoinMarketCap.
ADA looks for an upward turnaround
On the daily chart, the price of Cardano (ADA) has been in a steady downward trend since January 18 and is looking for an upward reversal. The descending trendline off the $1.64 highs is acting as resistance for the bulls.
Source: Trade View
In a previous attempt, bulls failed to cross the bearish rolling line at $1.28. The price moved back down 45% to the swing lows of $0.74, since then the price has been consolidating near the reliable $0.80 support level.
Now, as bullish momentum scales, bulls could break above the trendline with the immediate upward target of $1.0.
Next, ADA will meet the upside hurdle at the February 16 highs at $1.11 followed by the horizontal resistance level of $1.97.
On the downside, a spike in sell orders could drag ADA to the low of $0.84, followed by the February 24 lows at $0.74.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) is trading 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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This post Cardano (ADA) Price Prediction: ADA Bounces Towards $1.0 As Russia-Ukraine Prepares For Second Round Of Talks
was published first on https://coingape.com/markets/cardano-ada-price-prediction-ada-bounces-toward-1-0-as-russia-ukraine-prepares-for-second-round-of-talks/
