- 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.
