Cardano Price Surges 60% on Trump Announcement, Now Faces Key Resistance at $1.14

Cardano, a prominent altcoin, has experienced significant price movements in recent weeks. The cryptocurrency saw a substantial surge following the announcement of a strategic crypto reserve by US President Donald Trump. On March 2, the altcoin's price skyrocketed by nearly 60% within a few hours after the disclosure. While the Cardano price has maintained a good portion of its early-week gains, it has also experienced a mild pullback over the past week. The current price setup suggests that the cryptocurrency may soon resume its upward trajectory and reach new cycle highs.

Popular crypto analyst Ali Martinez recently shared insights on the potential future of ADA's price in the current cycle. In a video posted on the X platform, Martinez highlighted that ADA could enter a fresh bull rally, potentially reaching the $2 mark. This bullish prediction is based on the formation of a right-angled, descending broadening wedge on the daily timeframe of the ADA price chart. This technical analysis pattern is typically marked by two diverging trendlines: an ascending upper trendline and a descending lower trendline. However, the specific broadening wedge pattern in the ADA daily chart has a horizontal upper trendline and a falling lower trendline, indicating a period of increasing price volatility.

Despite broadening patterns often being bearish, the current formation, which has persisted since December 2024, appears to be bullish for the Cardano price. Martinez noted that the altcoin seems ready for a significant price move to the upside. However, the ADA price would need to overcome the major resistance level around $1.14 at the horizontal trendline before a bullish breakout can be confirmed. If Cardano successfully breaches and closes above this resistance level, its price could more than double over the next few weeks, with a potential price target of $2, representing an over 140% surge from the current price point.

As of the latest data, the price of ADA has returned below $1 after surpassing $1.1 on the back of the strategic crypto reserve news. Currently, the Cardano price stands at around $0.82, reflecting an over 4% decline in the past 24 hours. The price movements and technical analysis suggest that Cardano is poised for potential growth, with analysts closely monitoring the resistance levels and market conditions for further insights into the cryptocurrency's trajectory.