Key Insights
- Trump announced a U.S. Crypto Strategic Reserve that will include ADA among other cryptos.
- ADA price witnessed a sharp surge of over 43% in a day, as bulls eye the $1 mark.
Cardano (ADA) price has witnessed a massive spike following US President Donald Trump’s recent hint towards a US strategic Reserve, with the inclusion of ADA.
ADA price surge has sparked buzz among the market participants about its sharp rally and analysts were anticipating an up move toward the $2 mark.
However, Cardano price was still traded within the channel and failed to carry forward gains beyond the $1 mark.
At press time, Cardano price was trading at $0.8086, noting an intraday decline of over 19.20% in the past 24 hours. Its market cap stood at $28.30 Billion and ranked 9th in the overall crypto market.
Trump’s Crypto Reserve Plan Ignites ADA Price Rally
Trump explains that the U.S Crypto Reserve contains Bitcoin (BTC) alongside Ethereum (ETH) together with Ripple (XRP) and both Solana (SOL) and Cardano (ADA). The goal is to establish a leadership position for the U.S. in the cryptocurrency market.
Through a statement on Truth Social, Trump explained how a U.S Crypto Reserve will enhance the critical industry which endured ‘corrupt attacks’ from the Biden administration for many years.
His executive order regarding digital assets serves to establish the reserve and ADA proves one of its essential digital assets.
Cardano Price Prediction: Can Bulls Push Past $1 Mark?
Cardano’s price has been trading inside a falling channel and continues to make lower low swings. Amidst the sharp intraday rise of over 44% yesterday, it has trapped the bear army and a significant short covering move was observed.
Amidst the sharp price surge, a channel’s breakout and a move toward $1 mark was exhibited yesterday.
According to CryptooELITE, Cardano token has formed a rounding bottom formation and looks bullish on the daily chart.
It has showcased unprecedented growth and could continue to soar ahead. In the coming sessions, it could ascend its upward movement and may reach $2.50 soon.
However, a move past $2.50 could pave the way toward $3 and $6 in the short term.
The price action indicates that ADA price has escaped a range and breached the 30-day high neckline mark of $0.8500. Following the range breakout, it skyrocketed toward the $1.15 mark.
In the last 24 hours, it showed a profit booking move and retested the breakout region, which highlights a bullish outlook.
Moreover, the retracement of over 15% intraday was with low trading volume, indicating that sellers are not confident and that a follow-on rise could be seen next.
Data from CoinGlass indicates massive liquidation activity in the past 48 hours.
Over $52M of positions have been liquidated over the past 24 hours. This includes $5.6M of long positions liquidated against $3.20M of shorts which highlighted that traders have booked their profit amidst a sharp rally of over 40% in yesterday’s session.
The immediate support zones were $0.8120 and $0.8000, whereas the resistance zones were $0.9000 and $0.9760.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
