Cardano (ADA) Price Update

Cardano (ADA) has experienced a 46% rebound this week, reaching the significant $1 level.

The cryptocurrency has risen approximately 35% from its low of $0.7570 on March 4, hitting an intraday high of $1.027 ahead of the upcoming Crypto Summit. Increased investor confidence has been fueled by the inclusion of ADA in a proposed strategic crypto reserve.

This surge in price coincided with a general recovery in the crypto market, with various assets showing positive movements. On Tuesday, crypto assets rebounded significantly, with Bitcoin recovering to around $90,000.

On Monday, risk assets, including cryptocurrencies, saw a sharp decline due to macroeconomic concerns, overshadowing some of the positive developments regarding the strategic crypto reserve. During this downturn, ADA fell from a peak of $1.17 to a low of $0.822.

However, ADA made a notable comeback on Sunday, skyrocketing from $0.644 to a high of $1.19 after news broke about the crypto strategic reserve that includes ADA, along with XRP, SOL, Bitcoin, and Ethereum.

What’s Next for ADA’s Price?

Cardano found support at $0.579 on February 28, leading to a significant spike in its price on Sunday after a rebounding Saturday. This advancement pushed ADA above the daily moving averages at $0.85 and $0.677, suggesting that bullish momentum is returning to the market.

Following the sell-off on Monday, ADA stabilized at $0.757 and continued to recover on Tuesday. Currently, ADA is up 22% in the last 24 hours to $1.00, previously hitting a high of $1.027. The asset has reclaimed its position above the daily SMA 50, indicating ongoing bullish activity.

If ADA can maintain its position above the $1 level, the next potential resistance points are at $1.20 and $1.32, which could lead to further gains. However, if selling pressure increases, the ADA price might revisit the support level at $0.85.