The entire cryptocurrency market was painted green yet again. Several factors influenced this shift in sentiment. Cardano (ADA) also jumped onto this trend and encountered a slight recovery over the past day. Despite its inclusion in the US Strategic Reserve, the asset has dipped by 5.78% throughout the past month. ADA started March at a high of $1.129, but it soon dropped to a low of $0.66. Will the asset break free from this trend and continue its current sentiment?
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A Look Into Cardano’s Recent Spike
Over the past 24 hours, ADA recorded an increase of 2.84%. The asset went from trading at $0.7121 to a high of $0.746. Even though this is a slight rise, it brought in much-needed respite into the market. At the time of writing, the asset was priced at $0.7312.
Despite its slow price movement, the sentiment around the asset remained high. According to data from Santiment, there is a lot of positive emotion around certain cryptocurrencies on social media. This includes Cardano. The SEC’s classification of ADA’s use case as “smart contracts for government services” has helped the altcoin’s community boost bullishness to its highest level in more than four months.
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March 25 Price Prediction
The positive sentiment among its investors, however, did not reflect on the price of ADA. According to data from CoinCodex, the altcoin is expected to record a slight drop during the coming week. On March 25, Cardano will dip down and trade at $0.691. Throughout the next week, ADA is expected to follow a similar trend and record multiple downfalls. While this is not a desirable outcome for the Cardano market, it could witness a spike and change its trajectory over the next couple of months of the year.
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