Outside Source
Cardano has surged more than 75% following its inclusion in U.S. President Donald Trump’s proposed crypto strategic reserve plan.
After the Mar. 2 crypto strategic reserve announcement by Trump, Cardano’s (ADA) price skyrocketed, rising from a low of $0.6461 to $1.13, according to crypto.news price tracker.
Over the past 24 hours, the token’s trading volume has increased by a massive 1,450%, averaging $9.7 billion and increasing its market capitalization to $36 billion. The broader crypto market also saw a boost, with over $300 billion in capital appreciation.
With a strong advance over $0.82, a crucial resistance zone, the price action indicates that Cardano is emerging from a prolonged consolidation phase. After peaking at $1.20, the rally marginally retraced to $1.00, where it is now stabilizing. Strong buying demand has been confirmed by the notable volume surge.
The relative strength index briefly touched overbought levels above 75 before cooling to 62, indicating that Cardano remains in bullish territory but could see short-term consolidation. The exponential moving average at 0.8255 and simple moving average at 0.9350 both signal a buy, supporting the uptrend.
If Cardano holds above $1.00, the next major resistance level to watch is around $1.20, with a potential move toward $1.50 if the momentum continues. On the downside, support sits near $0.82, with $0.80 acting as a critical psychological level.
An important catalyst for Cardano in the near future could be the U.S. Securities and Exchange Commission’s approval of Grayscale’s spot Cardano ETF. If approved, it would be the first ETF in the U.S. dedicated solely to ADA, making it more accessible to traditional investors and possibly promoting long-term growth.
This article first appeared at crypto.news
