Cardano Price Up Again As Tariff Fears Thaw. How High Can It Rise?
Summary:Cardano price has stayed up for the second successive day, signaling a potential reversal after a sharp tariff-fueled decline. Cardano price rose for the second successive day on Wednesday as it...
- Summary:
- Cardano price has stayed up for the second successive day, signaling a potential reversal after a sharp tariff-fueled decline.
Cardano price rose for the second successive day on Wednesday as it gained 3% to trade at $0.745 at press time. The uptick came on the heels of news that US President Donald Trump had halted 50% tariffs on Canadian aluminum and steel exports, initially scheduled to take effect today.
Trump’s decision came after Canada reversed its surcharge on electricity exports to US states of Minnesota, Michigan and New York. The back-and-forth in the trade tariff tag of war has created instability in markets, with many investors opting out of high-risk assets like cryptocurrencies. The impact has been such that it drowned the initial hype created around the creation of a strategic Federal cryptocurrency reserve.
However, Cardano price upside will still be under pressure as there remains a 25% tariff by the US on steel and aluminium imports from the European Union (EU). Conversely, the EU has announced 25% counter-tariffs on €26 billion worth of US goods. That is likely to slow down recovery by the crypto market.
Cardano price has declined by 21% in the last week, pointing to a bearish undercurrent. However, the value of its open interest contracts rose by 0.5% in the last 24 hours, which could provide support for the coin’s recovery. However, a longer-lasting uptrend is unlikely to be achieved unless ADA price reclaims the Volume Weighted Moving Average (VWMA) level, currently at $0.862.
Cardano Price Prediction
Cardano price pivots at $0.718 and action above that level favours the upside to continue. With the buyers in control, ADAUSD will likely head higher and meet the first resistance at $0.752. However, a stronger momentum will break above that level and potentially test $0.777.
Conversely, the momentum is likely to shift to the downside if the price breaks below $0.718. That could see the first support come at $0.701. Furthermore, the upside narrative will be invalid if the price breaks below that level. The resulting momentum could clear the path to test $0.680.
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