Cardano (ADA) has been trading sideways, maintaining its range for the past 10 days, while online sentiment has grown more positive. The cryptocurrency has retraced 40% from its two-month high of $1.17, settling in the $0.7 range. This follows an 80% surge on March 2 after a U.S. announcement of a “Crypto Strategic Reserve” that included ADA. However, subsequent developments, including a March 6 executive order, led to a drop below crucial levels. Despite this, ADA has been hovering between $0.68-$0.75, with a brief dip to $0.64 during a market crash.
Online sentiment towards ADA has been positive, bolstered by the SEC’s classification of its use case as “smart contracts for government services.” This news, along with large-scale investors purchasing 190 million ADA tokens, has fueled bullish sentiment. Analysts are divided on ADA’s next move, with some suggesting a potential retest of local resistance if it holds its crucial support zone at $0.66. A breakdown below this level could lead to a significant price correction, while a breakout could signal a bullish reversal.