Cardano 125% Pump Coming? Analyst Says ADA ‘Could Be Poised’ For Rally To $2.20
On Sunday, Cardano (ADA) saw a massive 80% pump following the US President’s announcement of a “Crypto Strategic Reserve” that will include ADA. As the cryptocurrency retests its key support levels, some...
On Sunday, Cardano (ADA) saw a massive 80% pump following the US President’s announcement of a “Crypto Strategic Reserve” that will include ADA. As the cryptocurrency retests its key support levels, some analysts believe it might be poised for a 125% rally from current levels.
Cardano Attempts Reclaiming $1
On March 2, US President Donald Trump announced the establishment of a “US Crypto Reserve” comprised of Cardano, XRP, and Solana (SOL), with Bitcoin (BTC) and Ethereum (ETH) at the heart of the strategic reserve.
On his social media platform, Truth Social, Trump stated the strategic reserve would “elevate the critical industry after years of corrupt attacks by the Biden Administration.” The announcement sent many cryptocurrencies into an end-of-week pump to reclaim some recently lost support levels.
ADA has been in a downtrend since December when it hit its 3-year high of $1.32 but failed to hold the $1 support in mid-January. The February market retraces sent the cryptocurrency’s price below several key support zones, with the token hovering between the $0.60-$0.80 price range.
Following Trump’s announcement, Cardano rose 60% in two hours, climbing from $0.64 to the $1 barrier for the first time in over a month. ADA continued its surge in the following hours, recovering over 80% from its Friday low of $0.58.
On Sunday, ADA hit a two-month high of $1.17 before retracing over 20% to the key $0.90 support zone. Cardano investor Sebastian noted that the retest of the $0.92 level was “perfectly normal after such an insane move.”
The investor suggested it could consolidate within the $0.90-$1.00 range for a few days before resuming its ascending trajectory. Moreover, he asserted that If ADA breaks above its December high, the token could likely see a new all-time high (ATH) soon.
ADA’s New High Could Be Near
Crypto analyst Ali Martinez stated that Cardano “could be poised for a rally to $2.20.” According to the post, investors should “watch for a 12-hour candlestick close above $1.19” to confirm the bullish breakout and target an 84% jump from the breakout level.
Martinez also highlighted that Cardano whales bought over 420 million ADA in the past 24 hours, which could signal strong sentiment from large-scale investors on the cryptocurrency.
Meanwhile, Sjuul from AltCryptoGems affirmed that Cardano’s chart displays a “big power of 3 in the making.” This pattern divides the price cycle into three phases: accumulation, manipulation, and distribution.
The first phase consists of a consolidation near the recent high after a strong price performance. The second phase sees a token’s price falling below the accumulation phase’s support level and trades within a range below the recently lost zone.
In the third phase, a strong price breakout occurs, with momentum building and participants entering the market. According to Sjuul, “the chart never lies,” and Cardano entered the distribution phase after Sunday’s pump, suggesting that ADA could retest December highs soon.
As of this writing, ADA trades at $0.91, a 9.9% retrace in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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