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Cardano (ADA), the ninth-largest cryptocurrency by market cap, is gaining traction as trading volume nears 1 billion ADA in 24 hours, signaling a potential price breakout. According to CoinMarketCap, 996 million ADA tokens were traded as the market began recovering on Thursday. ADA rose 3.94% to $0.703 at press time, rebounding from Wednesday's low of $0.666.
Despite a mostly bearish week, the current upswing is notable, as ADA attempts to reclaim momentum. Price action places ADA between its 50-day simple moving average (SMA) at $0.674 and 200-day SMA at $0.772, forming a critical range. A strong close above the 50-day SMA could spark a rally toward the psychological $1 level. Conversely, a breakdown below the 200-day SMA may push prices to $0.60 or even $0.51.
The broader crypto market is also rebounding following news of a U.S. economic contraction in Q1 and flat inflation data for March. The Federal Reserve’s favored inflation metric showed a quarterly rise but remained unchanged month-over-month. Initial jobless claims rose to 241,000, exceeding forecasts of 225,000, raising concerns ahead of the upcoming nonfarm payrolls report.
Investors are now watching the Fed’s meeting on May 6–7 for signals on monetary policy. While a rate cut at the next meeting appears unlikely, markets are pricing in potential easing starting in June, with four total cuts expected by year-end.
With macroeconomic shifts and key resistance levels in play, Cardano’s price is at a pivotal point. Traders are watching closely for a decisive move that could confirm a bullish breakout or further downside. ADA remains a crypto to watch amid shifting market dynamics.
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