Cardano (ADA) has gone up by 2.7% in the past 24 hours as the crypto market has been recovering ahead of today’s interest rate decision from the Federal Reserve.
Analysts expect that the central bank will not make any changes to the federal funds rate as they fear that Donald Trump’s hostile policies on the trade front could result in higher inflation.
Data from CoinShares emphasized how bad the market’s latest sell-off has been for crypto-linked exchange-traded funds (ETFs) in a report published earlier this week.
The report shows that weekly outflows for BTC and ETH spot ETFs surged to $978 million and $176 million respectively.
Interestingly, investors poured capital on ADA and XRP-linked exchange-traded products (ETP) during this same period. In Cardano’s case, $400,000 flowed to its ETPs last week.
ADA has been resilient to the latest market downturn as the token has experienced losses of 14.3% this year compared to Solana (SOL) and Ethereum (ETH), which have dropped by 32% and 39.2% during this same period.
Cardano Needs to Break Above $0.730 to Keep the Rally Going
Trading volumes for ADA have gone up by 6.1% in the past day as well and currently stand at $707.4 million.
The hourly chart shows that ADA made a lower high on Monday. During the Asian session today, the price is approaching a key resistance at $0.730.
Depending on what happens, either a break above or a rejection of this level, ADA could retrace to yesterday’s low (rejection) or keep surging to $0.7635 per coin during the American session.
Traders should be cautious today as the Federal Reserve meeting typically increases market volatility. Even though the consensus is that no changes will be made to interest rates, the price of digital assets often behaves erratically during FOMC meeting day.
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