- Cardano rallies past $1.06 with a 60% surge.
- ADA’s daily volume soars by 1,455%.
With an 8.80% surge, the crypto market cap has rebounded to $3.09 trillion. The recent announcement of US President Donald Trump’s Crypto Reserve, which includes Cardano, has reflected a major price surge, rallying over 60.95% after a prolonged downtrend.
ADA has reclaimed the $1 and surpassed the level for the first time in over a month and emerged as the top gainer. The ADA community is abuzz following the announcement.
In the early hours, ADA traded at the lowest level, at $0.6461. After the wake of the bulls, the price has mounted to the daily high of $1.13. It has broken the crucial resistances at $0.8623 and $1.02.
At the time of writing, Cardano trades at $1.06 with its daily trading volume reaching $9.24 billion. Notably, the market has witnessed a $67.61 million ADA liquidation during the period.
Cardano has gained over 42.88% in the past seven days. The asset began trading at a low of $0.7443. ADA failed to enter the bullish territory and further slipped to the weekly low of $0.5824.
Is ADA’s Rally Built to Last?
The four-hour candlestick of Cardano exhibits the active upside correction. The emerging golden cross will push the price up to hit new highs. In this instance, Cardano could test the crucial $1.16 resistance. Continued gains in ADA could propel it to challenge or surpass its ATH.
Should buyers lose control, Cardano might likely test the immediate support at $0.9622. A breakdown here may open the door for further declines, revisiting past support levels. Assuming the emergence of a death cross could fuel bearish momentum, driving the price down.
Cardano’s Moving Average Convergence Divergence (MACD) line crosses above the signal line, indicating the bullish crossover. It potentially leads to a further increase in price. Traders consider this event as a buy signal in the market.
Moreover, the Chaikin Money Flow (CMF) indicator at 0.31 suggests that money is flowing into the asset, reflecting a solid uptrend and strong buying pressure. Meanwhile, the daily trading volume of ADA has increased by over 1455%.
The Bull Bear Power (BBP) value at 0.406 points out that the bulls have the upper hand in the market. Besides, Cardano’s daily relative strength index (RSI) stays at 79.03 infers the asset in overbought territory, suggesting strong bullish momentum with a potential risk of a pullback or correction.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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