Cardano ADA News: Price and Volume Decline Hint at Possible Trend Reversal

Recent developments in the cryptocurrency market have led to significant changes in the price and trading volume of Cardano (ADA). Here’s a closer look at what’s happening with this popular digital asset.

Cardano Price Declines Amidst Decreased Volume

Cardano (ADA) price has corrected from $0.7214 to $0.7174, marking a 0.56% decline in the last 24 hours. The daily trade volume also dropped by 15.27% to $1,298,310,420. This decline in both price and volume suggests an impending trend reversal, potentially due to a loss of interest from market participants amidst recent developments and macroeconomic factors. Cardano has declined 23.91% in the last 7 days, with a total market capitalization of $25,272,703,600.

Cardano rejected at $1.15 resistance – What is the next level for ADA?

ADA has dropped 23.8% in a week, nearing a key support zone between $0.56 and $0.51. Declining whale transactions and network activity suggest investor caution, but a historical rebound pattern could emerge. Cardano’s [ADA] price performance in recent weeks hasn’t been different from the broader crypto market trend. In the past two weeks, ADA was up by 7.2%, but on a broader scale such as the past month, the asset has recorded a 10% plunge. As of writing,ADA’s price is $0.716.

Trump Adds Cardano (ADA) to U.S. Crypto Reserve

Trump signed an executive order establishing a Bitcoin Reserve and a digital stockpile for the U.S. Treasury. The order ensures the Treasury treats Bitcoin as a national reserve asset and includes other digital assets such as Ethereum and Cardano. The U.S. president directed the Department of Treasury to formulate the stockpile using forfeited digital assets from criminal or civil proceedings. Bitcoin and Cardano experienced volatility after the executive order, with Bitcoin declining by 6% and Cardano by 4% according to Coinmarketcap data.

Cardano Price Could Rally to $1.5 as Bullish Triangle Forms

Cardano’s price action has shown signs of recovery after a recent dip, bouncing from its lower support level. Over the past 24 hours, Cardano has gained close to 1%, reaching an intraday high of $0.7613. Technical analysis of the Cardano/USDT daily timeframe chart reveals that the cryptocurrency is trading within a triangle pattern, potentially gearing up for a 100% rally to $1.5.