After a six-week price decline, Cardano (ADA) has experienced a remarkable 60% surge, returning to over $1. This price spike followed Donald Trump’s directive to create a crypto strategic reserve, which includes Cardano. This news has stirred excitement in the market and attracted investors’ attention towards this cryptocurrency. The Market Value-to-Realized Value Long/Short (MVRV Long/Short) ratio indicates an increase in profits for Long-Term Holders (LTHs). These investors usually prevent price drops by holding onto their assets, contributing to market stability. Their profit increase and reluctance to sell indicate high confidence in Cardano’s future. Additionally, the Relative Strength Index (RSI) has entered the overbought territory. Although this situation typically signals a potential price correction, Cardano has continued its growth even in overbought conditions in the past. Currently, Cardano’s price has reached around $1.06 with a 60% daily increase. Reclaiming the $1 level after a six-week price decline holds significant psychological importance for traders. To sustain this upward trend, Cardano must maintain the $1.00 level. Otherwise, the price may drop to $0.85, weakening its bullish outlook. However, if this support holds, there is a possibility of further growth and reaching higher prices. On the real-time digital currency price page, you can monitor the prices of all tokens and cryptocurrencies live and instantly.
