Cardano (ADA) has surged more than 75% following its inclusion in U.S. President Donald Trump’s proposed crypto strategic reserve plan. The announcement on March 2 triggered a significant rally, pushing ADA from a low of $0.6461 to a peak of $1.13, according to data from crypto.news price tracker.
Cardano’s Price Surge and Market Impact
Following Trump’s announcement, Cardano’s trading volume spiked by an astonishing 1,450%, reaching an average of $9.7 billion in the past 24 hours. This surge in activity increased ADA’s market capitalization to $36 billion. The broader crypto market also benefited, with over $300 billion added in total market capitalization.
With a decisive move above $0.82, a key resistance level, Cardano appears to be breaking out of a prolonged consolidation phase. After touching a high of $1.20, the price saw a minor retracement, stabilizing around $1.00. The substantial increase in trading volume confirms strong buying interest.
Technical Analysis: Key Levels to Watch
- Relative Strength Index (RSI): The RSI briefly entered overbought territory, touching 75 before cooling to 62. This suggests that while Cardano remains in bullish territory, some short-term consolidation could occur.yyyttttt
- Exponential & Simple Moving Averages: The EMA at $0.8255 and the SMA at $0.9350 both indicate a buy signal, supporting the ongoing uptrend.
- Resistance Levels: If ADA holds above $1.00, the next major resistance stands at $1.20, with a potential rally toward $1.50 if momentum continues.
- Support Levels: On the downside, $0.82 serves as a key support level, while $0.80 acts as a crucial psychological barrier.
Future Catalysts: Potential Grayscale Cardano ETF Approval
A major upcoming catalyst for Cardano could be the U.S. Securities and Exchange Commission’s (SEC) decision on Grayscale’s proposed spot Cardano ETF. If approved, this would be the first ETF in the U.S. exclusively dedicated to ADA, making the token more accessible to institutional investors and potentially driving long-term growth.
As traders monitor Cardano’s price movement, its inclusion in Trump’s strategic reserve plan has already solidified ADA’s position among the top digital assets in the evolving crypto landscape.
