Cardano (ADA) is down 23% in the last 24 hours, trading at around $0.81. This drop follows last week’s massive surge of over 50% after Donald Trump announced plans to include ADA in a proposed U.S. strategic crypto reserve.
Trump announced on Truth Social that the U.S. government plans to include ADA in its strategic crypto reserve together with Bitcoin, Ethereum, Solana, and XRP. ADA experienced a 70% price increase in the first day after the market responded to the news.
The surge in futures trading activity rose from $15 million in late February to exceed $26 million, while 92% of positions indicated long positions, demonstrating robust bullish market sentiment.
ADA has established $0.80 as its current critical support level. Market analysts expect ADA to increase by 35% to reach $1.14 if current support levels at $0.80 remain stable.
The price may experience a 20% decrease to $0.65, if support at $0.80 fails to hold. The RSI shows positive territory while the 20-week EMA moves upward which confirms strong buying pressure.
The market decline did not stop investors from purchasing ADA tokens according to on-chain analysis. Recent exchange withdrawals of ADA have reached over $110 million during the past 48 hours. After Trump’s announcement big investors acquired 420 million ADA tokens.
Analysts remain bullish. The cryptocurrency market experts predict ADA will surpass its current price level of $1.19 to reach double its value. The U.S. market shows increasing enthusiasm about the possibility of Cardano ETFs.
The growing number of active daily addresses coupled with expanding DeFi features in the platform suggests ADA has a bright future ahead.
Also Read: Bitcoin Price Retreats to $83K with 9% Drop in Last 24 Hours
