Cardano Price Reclaims $1 After Inclusion In US Crypto Reserve And Successful Retest In Charts
Trump’s inclusion of Cardano (ADA) in his regime’s planned crypto reserve moved the token’s price upward by 76% while pushing its trading volume by 1,500% within the last 24 hours. Prior to the US president’s...
- Trump’s inclusion of Cardano (ADA) in his regime’s planned crypto reserve moved the token’s price upward by 76% while pushing its trading volume by 1,500% within the last 24 hours.
- Prior to the US president’s announcement, the altcoin market has been showing signs of a brewing rally.
US President Donald Trump’s special mention of Cardano (ADA) in his administration’s planned crypto reserve led to the token’s key recovery to $1. Unbeknownst to many, the cryptocurrency asset and other altcoins have been steadily building momentum even before the major announcement.
Cardano Price Reclaims $1 Territory
Cardano has definitely fallen far from its all-time high of $3.10 four years ago. From there, its price gradually declined until it lost the $1 territory in April 2022.
In the next couple of years, ADA struggled to build significant momentum to surpass the $1. Then, its climb to that area in the aftermath of the 2024 US presidential election brought renewed optimism to the Cardano community. However, it lost its footing again, and its price started trending within a descending wedge up to last month.
Trump’s surprise confirmation of Cardano as part of his regime’s proposed crypto reserve recently placed the token in the spotlight, enabling it to solidify its hold on the $1 mark. It notably went from a $0.64 low an hour before the president’s announcement to a $1.13 high an hour following the event.
As of 8:00 AM UTC this Monday, Cardano emerged as the top performer in the crypto market. Trump’s statement translated to a 76% price action for the token in the last 24 hours. Meanwhile, its trading volume soared by more than 1,500% within the period as around $9.76 billion worth of ADA moved across wallet addresses.
The latest developments elevated the market cap of Cardano’s 35.21 billion circulating supply to $35.7 billion.
Successful Retest of Altcoins in the Charts
Even before Trump’s announcement, Crypto Rover, a trader who has found significant success in trading crypto, already observed signs of recovery in Cardano and other altcoins’ prices. On Sunday, the crypto analyst revealed that the altcoin market has undergone a bullish retest.
The crypto personality’s chart suggested that ADA could position itself for a rally if it successfully maintained its values above $0.50. Just like that, the US president’s mention of Cardano ultimately catalyzed its decisive push, surpassing its key resistances way above its half-a-dollar crucial support.
At this point, it’s too premature to make assumptions about whether Cardano can sustain its rally in the long run. Hence, investors are strongly advised to be more vigilant in the next major price movements of ADA.
Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines. In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013. Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO's core management team, contributing to strategic planning and business development endeavors.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
