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Cardano (ADA) has gained 46% in a remarkable rebound weekly, bringing the cryptocurrency back to the key $1 level.
Overall, Cardano has recovered strongly, rising about 35% from a March 4 low of $0.7570 to an intraday high of $1.027 ahead of this week's inaugural Crypto Summit. The inclusion of ADA in the proposed strategic crypto reserve has further increased investor confidence.
This outstanding price action comes amid a broader market recovery with several crypto assets trading in green. Crypto reversed the majority of its losses on Tuesday, with Bitcoin's price returning to the important $90,000 level.
Risk assets, including cryptocurrencies, plunged on Monday as traders grappled with macroeconomic concerns, overshadowing the excitement surrounding the strategic crypto reserve. ADA likewise plummeted, crashing from highs of $1.17 to lows of $0.822.
ADA staged a monster rally in Sunday's trading session, surging from lows of $0.644 to highs of $1.19 on the news of a crypto strategic reserve that will include ADA, XRP, SOL, Bitcoin and Ethereum.
Gamza KhanzadaevThis week, investors will keep an eye on the inaugural Crypto Summit, which is due to take place on Friday, for updates on the reserve's details, with crypto czar David Sacks teasing in a post on X that "more to come."
What's next for ADA's price?
Cardano rose after finding support at a low of $0.579 on Feb. 28. ADA had a strong spike on Sunday, following a rebound on Saturday; this advance put ADA above the daily moving averages of 50 and 200 at $0.85 and $0.677, implying that bulls may be returning to the market.
Tomiwabold OlajideFollowing Monday's sell-off, ADA found support at $0.757 and began to recover on Tuesday, which continued in today's session.
At the time of writing, ADA was up 22% in the last 24 hours to $1.00, after reaching a high of $1.027. ADA has returned above the daily SMA 50 after falling below it earlier, indicating that bulls are continuing in action.
If ADA holds above this level and, more essentially, the $1 mark, the next major resistance lies at $1.20 and $1.32, which could pave the way toward further gains. If selling pressure increases, the ADA price may fall back to retest the support at $0.85.
Dan Burgin
Vladislav Sopov