Why is Cardano price up today?

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Cardano (ADA) rose to its best aggregate demand in a month as digital money investors prepared ahead of the Fed meeting to make interest rate choices.

Fed meeting heightens enthusiasm for digital currencies such as ADA

ADA shares soared 4.58% to $0.388 on march 22nd, the highest level since Feb. 24. This and the development trend put the cart before the horse, as the total market value of the login password mainly represents the Cardano dynamic password for leading cars and selling pulp, which has fallen by 0.4% in the same world.

Everyone's eyes focused on the Fed meeting on March 22nd, when Jerome Powell was trying to strike a balance between an anti-inflationary movement and a series of sudden collapses of commercial banks.

The Federal Reserve meeting (Fed) intervened in response to emergency lending to protect regional financial institutions and hoped it would not be particularly radical in the future, which helped the top encrypted assets within the Cardano increase in March.

So far, the price of Ada has risen 4%, while bitcoin has risen 20% over the same period.

Cardano network upgrade, dolphin-themed event

Cardano's performance over the past seven days (including March 22nd) is similar to that of BTC, with both rising by more than 16%.

The uptrend of Ada is the same as the new network upgrade released by Cardano on March 17th. The new node version number, known as dynamic equivalence (P2P) Internet, is known to be able to create connection points and relay nodes with dual application blocks, which may defend against common failures or deliberate personal behavior.

Interestingly, according to the chain data provided by Santiment, the price increase of ADA in March seems to have received strong support from Cardano dolphins.

For example, the proportion of holding 100-1 billion ADA addresses with Cardano OTP increased from 6.16% on March 1 to 7.56% on March 22.

On the other hand, the supply of ADA held by 10 million-100m holders decreased from 41.32 per cent to 39.67 per cent over the same period.

This means that holders of 10 million to 100m ADA stepped up their buying range in March, thus entering the 100m to 1 billion series. Similarly, the availability of 1000 to 10 million ADA OTP addresses was enhanced in March.

What is the future trend of ADA price?

From a professional point of view, ADA prices will adjust as they approach the trend line friction resistance for several months, as shown in the figure.

In this context, the short-term stock price forecast for ADA/ dollars appears around the uptrend line support (currently about $0.34), which has been limited to decline since December 2022.

Conversely, a critical close above the friction resistance of the downward trend line may cause ADA to detect the area where its support level becomes a pressure level (blue-purple)-US $0.41-US $0.44. This move is also possible to confirm the way the bed is turned over the shoulder, as shown in the figure.

Head-shoulder flip is a rising flip game, which can be solved in time when the price increases its resistance support level. As a technical index analysis rule, the overall upstream goal should be tested after summing the distance between its lowest value and the resistance level and the entry point.

So if this pattern continues, ADA's share price is likely to nearly double to $0.741 by June.

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