$ADA Price has been in a slight uptrend since it last retested the $0.65 support level. Price action has been highly volatile over the past few months.
On March 2 alone, ADA surged over 75%, driven by news that Charles Hoskinson is reportedly working closely with U.S. lawmakers to help shape crypto regulations.
There are also rumors that Cardano may be involved in helping the U.S. government build blockchain-based systems for voting or identity verification.
From a technical perspective, the price is currently in a steady uptrend. To maintain this trend, it needs to hold above the yellow trendline support.
On the upside, the 200-day moving average is acting as a key resistance level. Price needs to flip this level to confirm bullish continuation.
In my opinion, price may rally toward the 200-day moving average and face some resistance there. If it manages to break and hold above it, we could see strong bullish momentum follow.
For now, we’ll have to wait and watch whether it flips the moving average or gets rejected and pulls back.
Note: This is just my analysis not any financial advice. Before taking any trade, do your own research.
