Cardano (ADA) Price Rises 46.77% Amid Trump’s Crypto Reserve Announcement
Cardano (ADA) Price Surge
- ADA increased by 46.77% in 24 hours, trading at $0.9731.
- Trading volume rose by 1,807.04%, reaching $10.74 billion.
- ADA climbed to eighth in cryptocurrency rankings, hitting a daily high of $1.13 and a low of $0.6461.
- Current price is 68.46% below its all-time high of $3.10.
Political Influence
- Price surge attributed to President Trump’s announcement of a Crypto Strategic Reserve.
- Reserve will include ADA, Solana, XRP, Bitcoin, and Ethereum.
- Initiative aims to support the crypto industry after previous regulatory challenges.
On-Chain Activity
- Large investors accumulated over 130 million ADA following a recent drop to $0.57.
- Unique active wallets on Cardano surged by 157% to 3,720.
- Daily transactions increased by over 200% to 17,120.
- Total Value Locked (TVL) rose by 38.87% to $499 million.
Price Analysis
- Current volatility indicates resistance near $1.13.
- Support level identified at $0.77; crucial for maintaining bullish momentum.
- Recent local bottom at $0.54 serves as a demand zone.
- RSI at 60.03 suggests approaching overbought conditions.
Source: TradingView