Cardano’s (ADA) price soared by 80% on Sunday following President Trump’s announcement. “Crypto Strategic Reserve” ADA is included in this. Analysts believe that as the cryptocurrency tests its support levels again, it could be ready for a rally of 125%.
Cardano Attempts Reclaiming $1
Donald Trump, US President, will take office on Tuesday March 2, 2019. announced The establishment of a “US Crypto Reserve” Cardano, XRP and Solana are the three main components of the reserve, with Bitcoin (BTC), Ethereum (ETH), and XRP as the other two.
Trump, on his Truth Social social media platform stated that Trump would increase the strategic reserve. “elevate the critical industry after years of corrupt attacks by the Biden Administration.” After the announcement, many cryptos went into a week-end pump in order to gain some lost support.
ADA is in a downward trend since mid-December, when the cryptocurrency hit a 3-year high at $1.32. However, it failed to maintain $1 as underlying support. The price of the cryptocurrency fell below key support areas in February. It is currently hovering around $0.60-$0.80.
Cardano announced its decision following Trump’s announcement rose In just two hours, the price climbed from $0.64 up to $1 for the very first time since over a week. ADA’s surge continued in the hours that followed, with a recovery of over 80% since its low on Friday at $0.58.
On Sunday, ADA reached a high of 1.17 USD for the first time in two months before retracing more than 20% back to the $0.90 key support zone. Cardano investor Sebastian noted The retest at $0.92 was a success “perfectly normal after such an insane move.”
Investors suggested the token could be consolidating within the $0.90 – $1.00 range before it resumes its ascent. Moreover he stated that if ADA breaches above its December peak, then the token is likely to see a new All-Time High (ATH) in the near future.
The New High for ADA is Near
Crypto analyst Ali Martinez stated Cardano “could be poised for a rally to $2.20.” Investors should read the article. “watch for a 12-hour candlestick close above $1.19” Confirm the bullish breakout by aiming for an 84% rise from the breakout.
Martinez also highlighted Cardano whales have bought more than 420 millions ADA over the last 24 hours. This could indicate a strong interest from investors in this cryptocurrency.
Sjuul, a member of AltCryptoGems affirmed Cardano chart shows a “big power of 3 in the making.” The price cycle is divided into three phases, namely, accumulation, manipulation and distribution.
After a period of strong performance, the first phase is a consolidation around the high. In the second phase, the token price falls below the support level of the accumulation phase and is traded within a trading range that’s below the zone recently lost.
In the third stage, momentum builds and new players enter the market. Sjuul says that “the chart never lies,” Cardano has entered the distribution After Sunday’s Pump, ADA may be able to retest its December highs in the near future.
ADA currently trades for $0.91. That’s a 9.9% retracement on a daily basis.
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Source: www.newsbtc.com
