Cardano Surges 75% After Inclusion in Trump’s Crypto Reserve Plan

Since Cardano (ADA) was included in former US President Donald Trump’s planned crypto strategic reserve plan, its value has increased by more than 75%. According to data from crypto.news, the revelation on March 2 set off a dramatic rise that saw ADA’s price soar from $0.6461 to a top of $1.13.

The 24-hour trading volume has increased by an astounding 1,450% to $9.7 billion as a result of the jump in investor interest. Cardano’s market value has increased to $36 billion as a result of this momentum, helping the cryptocurrency industry as a whole to rise by $300 billion.

ADA’s price action indicates a breakthrough from a protracted consolidation phase after breaking over the critical resistance level of $0.82. The token has somewhat retraced and is currently hovering around $1.00 after momentarily reaching $1.20. The Relative Strength Index (RSI), which reached an overbought level above 75 before settling at 62, suggests ongoing positive momentum with the possibility of short-term consolidation, while the volume spike validates significant buying pressure.

The uptrend is supported by technical indicators; a buy is indicated by the Simple Moving Average (SMA) at $0.9350 and the Exponential Moving Average (EMA) at $0.8255. The next resistance mark to keep an eye on is $1.20 if ADA keeps support above $1.00. If bullish momentum continues, there may be a rise toward $1.50. Key support is located close to $0.82 on the downside, and $0.80 is a crucial psychological level.

The possible approval of Grayscale’s spot Cardano ETF by the U.S. Securities and Exchange Commission (SEC) is a significant impending catalyst for Cardano. If authorized, it would be the first ADA-only exchange-traded fund (ETF) in the United States, making it more accessible to conventional investors and possibly promoting long-term growth.