Cardano price to end Monday turmoil as US session gets underway with 5% pop
|- Cardano price recovers in early US trading from the Binance-Bitcoin turmoil.
- ADA bulls try to pare back losses from Monday’s ASIA PAC and European trading session.
- Expect a vital pop higher toward $0.39.
Cardano (ADA) price is adding some marginal but vital gains on Monday. After a very bearish ASIA PAC and European session, ADA bulls are looking beyond the turmoil from Binance that shook the market with the lifting and reactivation of its ban for Bitcoin withdrawals. As altcoins are licking their wounds, the US session looks promising for Cardano, with price action set to recover and reclaim lost ground from the past weekend.
Cardano price to look beyond the Monday gridlock
Cardano price has a rough patch this Monday morning as the ASIA PAC session set the tone for the European session with a 5% slide lower. The drop came from headwinds caused by Binance, which lifted its ban on Bitcoin withdrawals from its platform. Swamped by a massive volume wave, the ban was reinstated, and pending orders were revised and processed at a higher penalty fee. This triggered a slide lower for Bitcoin and other altcoins and cryptocurrencies.
ADA is shaking off the Blue Monday feeling and is having traders look beyond the turmoil. Some paring back of losses is underway in the wake of the US trading session that is set to get going. Expect the US session to be extremely bullish in favor of risk assets with ADA primed for a pop above $0.39 that will erase the day’s losses and reclaim a pivotal level that it failed to conquer over the weekend.
ADA/USD 4H-chart
Risk to the downside still hangs in the balance of how the US financial sector will behave itself this first trading session of the week. In case rumors pick up again of a US bank falling over and needing a bailout or rescue plan, expect to see a second slew of sell-offs unfold across the crypto sector. Cardano bears would cross the area between now and $0.35 to find support at the 200-day Simple Moving Average.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.