Key Insights
- Cardano price gained over 42% amid U.S. reserve talk and ETF filings.
- Analyst plots a bullish outlook, eyeing an upside momentum toward $1.40 ahead.
Following the announcement of a strategic crypto reserve by President Donald Trump on March 2, Cardano price saw an unprecedented growth and soared over 42% in a week.
However, the market participants sparked concerns whether the ongoing bullish momentum could continue or a short term hype.
The recent development triggered bullish sentiment and investors have begun to accumulate the asset in anticipation of a potential rally ahead.
At press time, ADA price was trading at $0.9540 with an intraday decline of over 3.80%. Its market cap stood at $33.6 Billion and the trading volume dropped over 29%, ranked 8th in the overall crypto market.
Cardano News: U.S Crypto Reserve Triggers Market Excitement
Through his social media platform Truth Social on March 2, 2025 President Trump implied that Cardano would enter the U.S strategic crypto reserve along with Bitcoin, Ether and XRP.
The crypto community celebrates the recognition of ADA since they believe this will attract substantial gains.
The Bitcoin maximalist community expresses confusion about the necessity of using alternative cryptocurrencies when Bitcoin exists alone.
Then there’s the ETF angle. The approval process from Grayscale to NYSE Acra began on February 10,2025 when they started their application procedure that the SEC ultimately confirmed on February 24,2025.
Polymarket showed increased betting odds for a future 2025 Cardano ETF which rose from 65% during the observed period.
The SEC needs to grant approval to Grayscale for its plans that media sources predict will be released by August 2025.
Cardano Price Prediction: Can Bulls Succeed to Break $1 Mark?
The daily chart shows that Cardano token has breached its descending channel and registered a breakout this week. Amidst significant whale accumulation and bullish recovery,
The momentum indicators RSI and MACD favored the bullish outcome and suggested a rally ahead. If bulls manage to keep the price above $0.85, ADA’s rally could grow a pair of legs.
Amidst the intraday decline of over 4%, market participants remained confident in accumulating ADA following the crypto reserve update.
The pair of lower higher and lower low has turned into higher high and higher low which give signs of a trend reversal. Additionally, the ADA token has climbed past the key EMAs which revealed the bullish thesis.
A recent post by Ali Charts highlights that Cardano price was on the edge of a breakout of the symmetrical triangle pattern.
According to the analyst, a successful breakout move could result in a 40% rise toward the $1.40 mark in the coming sessions.
Futures Market Data Outlook
Amidst the intraday decline over 4%, the bear army has added fresh short positions and the Open Interest surged over 2.30% to $922.70 Million in the past 24 hours.
However, the OI-weighted funding rate turned negative to -0.0026% which highlights a reduced demand for the long positions.
Moreover, the liquidation data shows that $3.43 Million of long positions have liquidation, which was significantly higher than the short liquidations of $1.2 Million.
This imbalance signaled market uncertainty as traders might be hedging their positions by closing longs.
The immediate support zones were $0.85 and $0.78, whereas the resistance levels were $0.99 and $1.10.
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.
Ayesha Malik is a famous sports journalist specializing in cricket and football. She provides in-depth analyses of matches, insights into players, and coverage of important global sports events.