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| Cardano (ADA) |
ADA Surges Nearly 4% While Trading Volume Explodes
Cardano (ADA) has shown signs of bullish momentum as trading volume surged to nearly 1 billion tokens in just 24 hours. According to CoinMarketCap, ADA’s price rose 3.94% to $0.703, bouncing from a low of $0.666 the previous day. The surge in trading volume signals renewed interest and possible upward price movement.
Key Technical Levels and Economic Shifts Add Pressure
The current price places ADA between its 50-day SMA at $0.674 and the 200-day SMA at $0.772. A breakout above $0.772 could set the stage for a move toward the psychological $1 barrier. However, a drop below these levels may push ADA back to support zones around $0.60 or even $0.51.
Meanwhile, broader macroeconomic news also influenced crypto markets. U.S. Q1 economic growth contracted, and March’s inflation data showed little change. Initial jobless claims rose to 241,000, raising recession concerns ahead of the upcoming nonfarm payrolls report.
All Eyes on the Fed and June Rate Cut Outlook
Investors now await the U.S. Federal Reserve’s next policy meeting on May 6–7. While a rate cut seems unlikely in May, markets are pricing in a shift starting in June. Analysts expect up to four rate cuts by year-end, which could impact risk assets like cryptocurrencies.
Cardano stands at a technical and macroeconomic crossroads. A decisive move in either direction will define ADA’s next trend. Traders should closely monitor the $0.772 and $1 levels for confirmation.