Cardano ADA News: Trump-Fueled Surge Fades, ADA Slips Below $1 Amid Market Uncertainty

Recent developments in the cryptocurrency market have seen Cardano’s ADA token experience a volatile ride, with a Trump-fueled surge quickly giving way to a significant dip. Here’s a closer look at what’s happening with Cardano and the broader market.

Cardano’s Trump-Fueled Surge Fades as ADA Slips Below $1

ADA soared above $1 on Sunday after Trump announced the proposed US crypto strategic reserve, which includes ADA. However, the speculative enthusiasm faded, leading to a 20% dip in the past 24 hours, with the coin now trading at $0.82. Technical indicators such as the Relative Strength Index (RSI) are trending downward, signaling a decline in buying pressure.

What Crypto Whales Are Buying After the Market Crash?

Despite the downturn, crypto whales bought ADA, showing signs of accumulation as prices fell. ADA has dropped 16% in a day, struggling to hold support below $0.85. The spike following its inclusion in the US crypto strategic reserve was short-lived, with bearish momentum taking over. However, whale accumulation suggests confidence in ADA’s long-term potential.

Cardano Price Triggers Major Buy Signal

Since dipping as low as $0.75 earlier in the session, the Cardano (ADA) price has staged a massive intra-day rebound, triggering a major technical buy signal. The Cardano price was last around $0.93, over 20% up from its earlier lows and re-igniting hopes that the cryptocurrency could soon retest the highs it hit above $1.30 last December.

Why is the Cardano (ADA) Price Up Today?

Cardano (ADA) saw extreme price swings lately, jumping by almost 20% in the last 24 hours. The bullish momentum could result from multiple factors, such as the potential listing of the asset on Gemini. On March 3, its price skyrocketed above $1.10 after Donald Trump confirmed plans to establish a strategic crypto reserve including ADA. However, the rally was short-lived, and the asset plunged below $0.80 just a day later. Currently, it trades at roughly $0.93, representing a 17% pump on a daily scale.