Cardano (ADA) has risen by 60%, surpassing the $1 mark, following the US Crypto Reserve announcement by President Donald Trump. This is the first such achievement in over a month.
Surge Following US Crypto Reserve Announcement
The announcement of the US Crypto Reserve led to a significant jump in Cardano's price. Prior to the announcement, ADA was in a downtrend for six weeks.
Current Analysis of Cardano
Despite the rise, Cardano is considered overbought according to the Relative Strength Index (RSI), suggesting a potential trend reversal. However, historical data show that ADA often continues to rise even with a high RSI rating.
Key Support Levels and Prospects
To maintain the upward trend, Cardano must hold the $1 support level. Failing this, it could fall to $0.85, the next important support zone.
The $1 level remains pivotal for Cardano's further movement. Holding it could boost positive market sentiment and open the way for further gains.
