- Cardano price action could be a surprise to the upside over the weekend.
- ADA Price is set to close out the trading week with a gain.
- Expect to see this continue over the weekend as a shift in sentiment occurred this week.
Cardano (ADA) price could be set to close out the week with a gain on the workday trading week and over the weekend. A seismic shift happened this week, with investors seeing a few central banks signalling that the rate hike cycle is ending. This would mean less stress and tight conditions for trading, opening up room for some upside potential with ADA price set to pop above $0.55 and test a significant cap.
ADA price set to test the cap
Cardano price is again surfing on the waves of global markets after its dislocation on Thursday, where global markets were on the back foot because of the commodity correction, but cryptocurrencies are looking to be immune to that. As it currently stands, cryptocurrencies are set to close out the week with a gain, at least for what the typical trading week is considered to end on Friday evening with the US closing bell. Should ADA price be able to close above $0.50, things could look bright for the weekend.
ADA price could see this relief rally continue into the weekend, and traders gear up for a test against the 55-day simple Moving Average (SMA) at $0.570. That would at least be a pleasant surprise as this was perceived impossible, considering last week's price action. With this global market sentiment turnaround, traders should enjoy this rally higher but keep tight stops and stick to their projected profit levels as tail risks remain significant and unresolved.
ADA/USD daily chart
As fragile as this recovery, so is still the situation on inflation and growth. With still high inflation, families are still seeing less disposable income so that less cash can be invested into cryptocurrencies, and to make matters even worse, Powell confirmed to the Senate finance committee that the FED is willing to put the US in recession if that would halt inflation. A recession would drag on risk assets and kick cryptocurrencies back into the penalty box, with ADA price again dropping back to $0.40.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin consolidates after a new all-time high of $99,500
Bitcoin remains strong above $97,700 after reaching a record high of $99,588. At the same time, Ethereum (ETH) edges closer to breaking its weekly resistance, signaling potential gains. Ripple holds steady at a critical support level, hinting at continued upward momentum.
Sandbox hits fresh yearly high as on-chain metrics reach record highs
The Sandbox continued its rally and hit a fresh yearly high of $0.8680 in the early Asian session on Monday after surging over 121% last week. However, at the time of writing, SAND retraces and stabilizes around $0.7600.
Why is Dogecoin price down today?
Dogecoin (DOGE $0.4243) is retreating after reaching its highest levels since May 2021, suggesting a growing profit-taking sentiment among traders following Donald Trump’s win.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.