"Cardano's Price Plummets, SEC Reversal Boosts Long-Term Prospects"

Cardano, the fifth-largest cryptocurrency by market capitalization, has been facing a challenging week, with its price hovering around $0.63 and approaching its early February lows of $0.55. The recent market turmoil, fueled by trade war fears and concerns about US economic weakness, has led to a significant sell-off in risk assets, including cryptocurrencies. Bitcoin, the largest cryptocurrency, has also been affected, tumbling below $80,000.

The Cardano price has been struggling to maintain its 200-day moving average (DMA) support level, which could signal a potential decline in the coming months. However, the crypto market's recent sell-off and improving global liquidity conditions suggest that a rebound could be on the horizon. Despite the near-term challenges, Cardano remains a strong long-term investment opportunity.

If the broader crypto bull market is currently on pause due to elevated economic uncertainties, it is possible that Cardano could decline further, potentially reaching the $0.40s. However, this is not expected to mark the start of a new long bear market. Instead, the longer-term outlook for Cardano remains strong, driven by several bullish factors.

The US Securities and Exchange Commission (SEC) has reversed its stance on Cardano, no longer considering it a security. This reversal has removed a significant barrier for the crypto industry's growth in the US and should benefit major layer-1 chains, including Cardano, in the long run. Additionally, there is an outside chance that Cardano could be included in a future US digital assets stockpile, which could further boost the entire crypto market.

Cardano may also be one of the few major altcoins to secure a spot in a US-based exchange-traded fund (ETF) this year, alongside other potential candidates like Litecoin, Solana, XRP, and Dogecoin. Furthermore, there is speculation that the US Treasury might consider Cardano as the public blockchain to run government transactions on, although this remains purely speculative at this stage.

Cardano founder Charles Hoskinson has teased an upcoming meeting with a VIP in the White House, which could potentially provide more clarity on the project's future. While it is highly unlikely that the US government will adopt Cardano as its public ledger for transactions, any positive developments from this meeting could abruptly end the crypto's recent bear