Cardano (ADA) reclaims the $1 milestone and aims for $1.77 as demand surges following its inclusion in the U.S. Crypto Reserve.
With Donald Trump announcing Cardano as a part of the U.S. Crypto Reserve, ADA’s price skyrocketed 72% overnight. The bull in ADA price reclaimed the $1 psychological mark. As the buying pressure grows, will the bullish rally in Cardano reach a new all-time high?
Cardano Hits $1.19, Buyers Anticipate New Swing High
With the skyrocketing move last night, Cardano undermines the declaring trend since mid-January 2025. The bullish engulfing candle has surpassed the 78.60% Fibonacci level at $0.92. Additionally, the overnight bull run in Cardano reached a 24-hour high of $1.19.
However, short-term exhaustion led to an intraday pullback of 11.62%. With this pullback, Cardano is currently trading at a market value of $1.0020. The bullish overnight recovery has also led to a breakout of the falling wedge pattern mentioned in a previous article.
With the bullish breakout, both the MACD and signal lines have given a positive crossover. Furthermore, the daily RSI line briefly entered the overbought region. These technical indicators suggest the possibility of a continued bullish trend.
The Most Trendy Altcoin Finds Whale Support
With the massive overnight surge, Ali Martinez highlights the growing interest of crypto whales in Cardano. As per his recent tweet, whales have bought nearly 200 million ADA tokens in the past 24 hours.
Whales bought nearly 200 million #Cardano $ADA in the last 24 hours! pic.twitter.com/VTUguEIbyG
— Ali (@ali_charts) March 2, 2025
Additionally, LunarCrush Analytics tweeted that Cardano is making a bullish stride and is currently one of the most talked-about tokens. With the astronomical surge, Cardano is now seeing 8,085 social mentions per hour.
Moreover, the social dominance of the altcoin has surged to 5.65% of all social activity in the crypto space. According to the tweet, Cardano has become the sixth most popular cryptocurrency across social media based on mentions and engagement.
Cardano (ADA) Price Targets Aim $1.77
Based on ADA’s price action analysis, Cardano has struggled to surpass the critical resistance level at $1.22. With the intraday pullback, Cardano is nearing a potential decrease toward the 78.6% Fibonacci level at $0.9216.
Given the strong underlying demand, a post-pullback reversal seems inevitable. The Fibonacci levels suggest an optimistic target of $1.7725, marking the next 52-week high for Cardano. On the flip side, the crucial support level below $0.92 remains at $0.7351.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
