As was to be expected, most of the negative momentum haunting the cryptocurrency markets has quieted down once again. Weekends are usually nefarious for bearish pressure, whereas Mondays will confirm the trend or make other things happen. Today, it seems the latter option is in place. As the Cardano price shows signs of life again, traders show some degree of excitement where this altcoin is concerned.
Cardano Price Goes Through a Nice Rebound
After a bit of a rough Sunday, it would appear as if the cryptocurrency markets are bouncing back rather strongly. This is in line with what most traders and enthusiasts had expected, although it is still good to see it come true. With Bitcoin leading the charge, there is a genuine chance the alternative markets will recover most of their recent losses in quick succession. Cardano is already on track to do just that, but there’s still a ways to go.
More specifically, the Cardano price has regained 4.6% in USD value as it rose back to $0.076211. There is also a strong bounce in ADA/BTC following a 3.48% improvement. With one ADA now valued at 1,435 Satoshi, everything seems to be back to normal, for the most part. The next objective is to improve upon the trading volume, as just $80m worth of trades isn’t exactly convincing under these circumstances.
On social media, there is plenty of Cardano-related activity to take note of. BTCJeanRalphio shares his latest trading strategy which seems to make a lot of good money in the long run. For Cardano, there were some wild swings recently, with a 57% gain one week and a 19% drop shortly after. Very interesting information for aspiring traders looking to make some good money. While trading advice should always be taken with a grain of salt, it is relevant information regardless.
Been rolling with a new momentum strategy for the lazy trader. Buy when above 50EMA (green) sell when price above 50EMA (red). Simples.
— BTCJeanRalphio (@btcjeanralphio) April 22, 2019
When it comes to the Cardano charts themselves, the current momentum seems to spark plenty of excitement. Although the recent retrace has triggered some concerns regarding the long-term trend, it seems this bounce is keeping most people rather happy. It all comes down to whether or not this trend will remain in place for very long, as that remains the more difficult question to answer.
This is the kind of reaction that you want to see upon these key levels pic.twitter.com/9wNAKNt1MN
— TEDDY 🌐 (@teddycleps) April 22, 2019
A slightly different opinion is shared by CardanoBuzz, although the opinion is still more than valid. This user claims the recent correction was entirely to be expected, primarily because of the recent bull run which preceded it. With the support still sitting tight at $0.072, it seems likely to assume this new uptrend may have some merit to it in the end. While there is a reason for cautious optimism, things can still change on a dime.
#cardano $ada * We are still bullish!* We recently experienced a 134% run to the upside, most likely as a result of the IOHK summit (buy the rumour sell the news) This kind of price action is not sustainable. We've now retraced 50% of this move. This is all totally normal! … pic.twitter.com/ofILXxCDuT
— CardanoBuzz (@CardanoBuzz) April 22, 2019
All things considered, the current Cardano momentum seems to be legitimate. Although no major gains might materialize in the near future, the current uptrend is more than sufficient to keep things going for a little while. Once the trading volume picks up a bit, there may be even further momentum in either direction. As long as Bitcoin remains in the green, there won’t be any real problems for any of the alternative markets.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.