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/ Cardano (ADA) Price Skyrockets: Market Trends, Political Influence, and Future Outlook

Cardano (ADA) Price Skyrockets: Market Trends, Political Influence, and Future Outlook

Bitrue
Cardano (ADA) surged over 70% following Trump’s announcement of a U.S. Crypto Strategic Reserve. Explore the latest price trends, technical analysis, and future outlook for ADA, including key support and resistance levels.
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Cardano (ADA) has recently experienced a dramatic price surge, climbing over 70% before retracing slightly. This rally followed a significant political announcement from U.S. President Donald Trump regarding the establishment of a "Crypto Strategic Reserve."

This policy shift has sparked renewed investor confidence in the cryptocurrency market, with ADA emerging as one of the standout gainers.

Trump’s Crypto Strategic Reserve Announcement

Source: truthsocial.com/@realDonaldTrump/
Source: truthsocial.com/@realDonaldTrump/

On Sunday, President Trump announced on his Truth Social platform that the U.S. government will form a "Crypto Strategic Reserve." The reserve will include Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), Solana (SOL), and Cardano (ADA).

Trump framed this move as a response to what he called “corrupt attacks” on the crypto industry under the previous administration.

In his statement, Trump emphasized his commitment to making the U.S. the global leader in cryptocurrency. This announcement led to a rapid surge in valuations across the crypto market, with ADA’s price jumping from $0.66 to $1.08 before stabilizing around $1.00.

Cardano’s Technical Analysis and Market Response

Cardano (ADA) Price on 3rd March | Source: Bitrue Market
Cardano (ADA) Price on 3rd March | Source: Bitrue Market

Cardano’s bullish trend has been reinforced by technical indicators. ADA broke above a descending trendline that had been in place since mid-January, triggering a 72.15% rally.

At the time of writing, ADA hovers around $1.00, with analysts predicting further gains if momentum continues.

Key Technical Indicators:

1. Relative Strength Index (RSI): The RSI currently stands at 66, indicating strong bullish momentum while approaching overbought territory.

2. Moving Average Convergence Divergence (MACD): A bullish crossover suggests continued upward momentum.

3. Open Interest (OI): Coinglass data indicates that ADA futures’ open interest surged from $536 million to $1.18 billion, marking the highest level since early February.

4. Trading Volume: Artemis data shows that ADA’s trading volume spiked from $536.9 million to $8.4 billion, the highest since September 2021.

Historical Context: Cardano’s Price Movements

Cardano has seen significant price fluctuations over the past few months:

1. November-December 2023: ADA surged from $0.34 to $1.28, buoyed by broader crypto market optimism following Trump’s election victory.

2. February 2024: The price declined from $1.13 to $0.60 amid economic concerns related to new U.S. tariffs and inflation fears.

3. March 2024: Following Trump’s announcement, ADA rebounded sharply, marking its highest price in over a month.

Institutional Interest and Whale Accumulation

Source: x.com/ali_charts
Source: x.com/ali_charts

Large investors have also played a key role in ADA’s price surge. Blockchain analyst Ali Martinez reported that whales purchased over 200 million ADA within 24 hours of Trump’s declaration.

This influx of institutional capital suggests long-term confidence in Cardano’s inclusion in the Crypto Strategic Reserve.

On-Chain Metrics Reflect Growing Confidence

Cardano’s on-chain activity has also surged:

1. Active Wallets: DappRadar data shows a 157% increase in unique active wallets, reaching 3,720.

2. Daily Transactions: Transactions on the Cardano blockchain have risen by over 200% to 17,120.

3. Total Value Locked (TVL): DefiLlama data indicates a 38.87% jump to $499 million on March 3.

Future Outlook: Key Support and Resistance Levels

While Cardano’s recent performance is impressive, maintaining its bullish trajectory depends on key price levels:

1. Support Level: $1.00 is now a critical support level; holding above this price is crucial for continued upward movement.

2. Resistance Levels:

- $1.15 - $1.20: A major resistance zone where profit-taking could occur.

- $1.32: The December 2023 high, a potential short-term target.

- $1.90: A long-term price target if the rally continues.

If ADA falls below $1.00, it may test support at $0.85. Conversely, closing the week above $1.05 would significantly enhance bullish sentiment.

Conclusion

Cardano’s recent price rally showcases the powerful impact of political announcements on the cryptocurrency market. Trump’s plan for a U.S. Crypto Strategic Reserve has provided ADA with strong momentum, reinforcing its position among top digital assets.

With growing institutional interest, rising on-chain activity, and bullish technical indicators, ADA is well-positioned for further gains. However, traders should remain cautious of potential volatility as the market digests this major policy shift.

About Bitrue
Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.
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Fransiskus Email: fransiskus@bitrue.com

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