Cardano Has a Strong Upside Momentum
Cardano (ADA) is trading neutral at $0.7215 this week, slightly underperforming the broader market, where Bitcoin (BTC) is up 1.5% to $82,381. The token faces additional pressure following the SEC's decision to delay its ruling on an ADA-ETF until May 29. While this news has minimal impact in a rising market, it weighs heavily on ADA during corrections.
Despite this, Cardano's technical outlook remains strong. The token recently dipped below the $0.8000 support level and could decline further to $0.6000, presenting potential buying opportunities. ADA has proven its resilience, and its inclusion in discussions about a Federal crypto reserve adds fundamental support to its long-term prospects.
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