Cardano Price Edges Up, Fed Reserve Talk Excitement Dissipates
Summary:Cardano price has nearly wiped out app the gains triggered by Federal Strategic Cryptocurrency Reserve talk. Can it find a way back up? Cardano price snapped a four day losing streak on Monday, rising...
- Summary:
- Cardano price has nearly wiped out app the gains triggered by Federal Strategic Cryptocurrency Reserve talk. Can it find a way back up?
Cardano price snapped a four day losing streak on Monday, rising up by 3.8% to trade at $0.748 at the time of writing. The crypto coin has been on a sharp downward trend in the last week, declining by 34% during that period. ADA has nearly wiped out all the single-day gains made on March 2 when US President Donald Trump listed it among five crypto coins to be included in a strategic Federal cryptocurrency reserve.
The White House Crypto Summit took place last Friday, but the market reaction signals that it was uninspiring. A White House official triggered doubts over the impact of the reserve when he stated that the list, which included Bitcoin, Ethereum, Solana, XRP and ADA was “an example” and not necessarily an endorsement of the coins based on their market capitalisation.
Significantly, the summit gave more weight to Bitcoin, and also failed to demonstrate the government’s commitment to spend Federal funds on the cryptocurrency reserve. With the White House Crypto Summit failing to spark an uptrend in the market, Cardano price will likely be hinged to the happenings in the broader financial market. That potentially puts it in a susceptible position at a time where concerns over trade tariff war is the central focus.
Cardano Price Prediction
Cardano price pivots at $0.733 and action above that level will favour the buyers to stay in control. That momentum will likely meet resistance at $0.753. However, a stronger momentum will break above that level and could result in further gains to test the second resistance at $0.764.
Conversely, the sellers are likely to take control if the price breaks below $0.733. That could see the first support come at $0.720, below which the upside narrative will be invalid. Furthermore, such momentum could extend the downside to send ADA price lower and test the second support at $0.700.
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