The cryptocurrency market was dyed red until Sunday, March 2nd yesterday. Donald Trump has revealed details of the US National Digital Assets Reserve, including Solana (Sun), XRP and Cardano (ADA).
“I confirm that the United States is the world capital of cryptocurrency,” the message the president wrote through his personal explanation of truth.
Trump’s announcement Promoted a rapid recovery in the marketconverts red candles to green. However, the most distinguished asset after the announcement was the ADA, reaching up to $1.10 in the last 24 hours, breaking the bullish flag that had been consolidated since the beginning of November.
At the time of publication of this memo, the ADA price was $0.97, 68% below the 68% historical (ATH) $3.10 reached September 2021.
Bullish flags are technical analysis patterns Investor enthusiasm usually awakens.
The formation of this diagram converges until a strong bullish movement (the corner of the flag) followed by a compression period, and the maximum and minimum prices collide with points. This is how the triangular structure is formed.
As indicated by your name, Flags are usually resolved with a break There is a strong upward movement as the initial trend.
In the previous graph, we can see that the ADA price has gone from $0.64 to $1.10. This is interpreted as the resolution of a triangle.
After these movements, the big problem that arises is Why Cardano couldn’t support a dollar resistance.
As explained in the Cryptopedia Cryptopedia’s Cryptopedia’s Cryptopedia’s Cryptody’s Cryptody’s term is used to define an asset at a level that is not easily overcome. Market psychology means that barrier is usually repeated throughout history.
The answer to this approach is Many investors usually make money with round figures such as $1 or $1.10. This is because they bought cryptocurrency at a low price, and now they want to use mountain climbing to earn returns.
Similarly, it should be noted that this revision is healthy for the growth of the assets.
If the assets establish support of $0.90, There’s enough impulse to leave a dollar of resistance Find the $1.50 level.
Alcist Projection
In addition to the possible incorporation of ADA into strategic cryptocurrency reserves, Cardano has its own foundation It could bring their prices to levels that we haven’t seen more than three years ago.
James Ford, a market analyst and investment group leader, is a practical investor, noting that Cardano “can easily exceed $2.” For him, news about his ecosystem is key, including the implementation of Cardano’s Layer 2 (L2) solution, Hydra.
If the update is successful, it encourages the adoption of distributed applications (DAPP), intelligent contracts, and forwarding. As a result, Cardano has more operations. This will result in an increase in ADA demand for committee payments And it causes a bullish impulse at its price.
Cryptocurrency Market analyst Ali Martínez predicts the ADA could be up to $2.20. “Beware of 12-hour candle closures exceeding $1.19 to confirm bullish ruptures,” he says.
As reported by Cryptootics, another price catalyst is the launch of the bottom-based bottom (ETF) based on the ADA.
Grayscale proposed a proposal to launch an ETF in Cardano cash, reflecting the growing institutional interest in the assets before the US Equity and Value Committee.
Because of the possibility of flexibility under Trump’s presidency, Approval of this device may attract more fluidity to the ecosystemin addition to giving greater exposure among institutional investors.
However, it is necessary to make it clear that this may not be the case. This sample occurs in ETFs of ether (ETH).
Finally, it is important that Bitcoin (BTC) exceeds $95,000. This is because of the good performance of digital currency created by Nakamoto At. Expand the upward feeling throughout the marketmotivates demand for other cryptocurrencies such as the ADA.
