Cardano (ADA) has gone up 1.3% in the past 24 hours and is holding steady above the $0.70 level as bulls attempt to reverse the downtrend that started on March 2.
Trading volumes have gone down by 26.6% as volatility is starting to subside. Meanwhile, market sentiment has picked up slightly as the Fear and Greed Index improved from a record-low reading of 15 to 19.
Although investors continue to be in “Extreme Fear” according to this gauge, the market may have hit a temporary bottom as buyers have stepped in to take advantage of bargain prices.
The popular crypto trader Ali Martinez emphasized the importance of Cardano staying above the $0.80 level this week.
He predicts that a break above the $1.20 resistance could push the digital asset to $10 in the mid to long-term.
ADA Seems Poised to Retest its $0.763 Resistance – Will It Break It?
ADA has lost 12.6% since the year started. However, the token has been resilient during the latest selling spree as its performance has been better than that of other top utility tokens like Solana (SOL) and Ethereum (ETH), which have experienced losses of 33.6% and 42.7% during that same period.
On March 2, the President of the United States, Donald Trump, shared a list of the assets that could make it a U.S. digital assets stockpile. Surprisingly, ADA was included.
However, the head of state fell short of expectations as he signed an executive order (EO) to set up both a Bitcoin and altcoin reserve made up of only the assets that the government already possesses and fully discarding the possibility of making additional purchases.
The price of ADA dropped sharply in the following days but managed to find a temporary floor at $0.640. This was the token’s price before Trump’s initial announcement.
Now, ADA is retesting a key resistance at $0.763 that it needs to break to avoid another big drop. For now, the token remains on a downtrend unless bulls manage to push the price above that level.
Momentum indicators are not sending clear signals yet as the market struggles to find direction. A bullish breakout could result in short-term gains of at least 15% for ADA based on the size of the price channel.
Despite the latest turmoil, the most promising crypto presales like Solaxy ($SOLX) are still capturing investors’ interest as this project aims to solve the congestion issues that the Solana blockchain has experienced lately.
Solaxy ($SOLX) Enters Last Few Days of Its Presale with Nearly $26M Raised
Solaxy ($SOLX) is a layer-two scaling project for the Solana blockchain that strengthens its ecosystem so meme coins and DeFi applications can thrive.
In late January, back when $TRUMP and $MELANIA were launched, the Solana mainnet experienced delays and delivered errors as transaction volumes skyrocketed. Solaxy bundles transactions offline to alleviate congestion during peak usage times.
Once launched, Solaxy’s utility token, $SOLX, will likely see a significant increase in its demand. At its discounted price of $0.00166, late buyers are positioning themselves to reap the highest returns once the asset is listed on exchanges.
To buy $SOLX, simply head to the Solaxy website and connect your wallet (e.g. Best Wallet).
You can either swap SOL, USDT, or ETH for this token or use a bank card to make your investment.
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