Cardano (ADA) Price Prediction: Market Cap Could Surge by Over 72% as US Treasury Explores Adding it to Strategic Reserve

As news broke yesterday that Cardano (ADA) will be added to the Strategic Reserve of the United States of America, the price of the eighth biggest cryptocurrency surged by over 72% in just one day.

The news that Cardano (ADA) is being added to the Strategic Reserve of the United States of America has sent the eighth biggest cryptocurrency soaring by over 72% in just one day. As of 08:18 (GMT+8), the Cardano token price stands at $1.0316, down 0.96%.

Yesterday, the crypto registered a high of $1.1488, a price point that was reached after a massive surge from the lows of $0.645. At its peak, the Cardano token almost hit the resistance at $1.3, which could open the door for another rally towards the $1.5 level.

However, after the pump and euphoria, there is a "hangover", as a result of which the Cardano token experienced a correction worth 20.58%, from the highs to the lows, and found a strong support at the well established level of $0.93 per ADA. There, the market reacted, and Cardano rallied back to $1.

This reaction is actually a noteworthy one, as it places ADA's performance in classic textbook price action, where the token pumps, pulls back a bit to test buyers' reaction and after that, what usually follows, is another wave of growth.

For the Cardano token, this could mean a march towards $1.3, which is the next key price level.

As things stand, the bias in ADA is currently leaning towards a test of that peak, which could mean another 30% jump from the current price point.

It should be noted that anything can change in a matter of minutes, as we have seen after recent events, so this scenario is not set in stone, but rather a possibility.

The post Cardano faces crucial support, aiming for 30% rise appeared first on Forex News Plus.