Thomas Daniels
Since Cardano (ADA) was included in former US President Donald Trump’s planned crypto strategic reserve plan, its value has increased by more than 75%. According to data from crypto.news, the revelation on March 2 set off a dramatic rise that saw ADA’s price soar from $0.6461 to a top of $1.13.
The 24-hour trading volume has increased by an astounding 1,450% to $9.7 billion as a result of the jump in investor interest. Cardano’s market value has increased to $36 billion as a result of this momentum, helping the cryptocurrency industry as a whole to rise by $300 billion.
ADA’s price action indicates a breakthrough from a protracted consolidation phase after breaking over the critical resistance level of $0.82. The token has somewhat retraced and is currently hovering around $1.00 after momentarily reaching $1.20. The Relative Strength Index (RSI), which reached an overbought level above 75 before settling at 62, suggests ongoing positive momentum with the possibility of short-term consolidation, while the volume spike validates significant buying pressure.
The uptrend is supported by technical indicators; a buy is indicated by the Simple Moving Average (SMA) at $0.9350 and the Exponential Moving Average (EMA) at $0.8255. The next resistance mark to keep an eye on is $1.20 if ADA keeps support above $1.00. If bullish momentum continues, there may be a rise toward $1.50. Key support is located close to $0.82 on the downside, and $0.80 is a crucial psychological level.
The possible approval of Grayscale’s spot Cardano ETF by the U.S. Securities and Exchange Commission (SEC) is a significant impending catalyst for Cardano. If authorized, it would be the first ADA-only exchange-traded fund (ETF) in the United States, making it more accessible to conventional investors and possibly promoting long-term growth.
