Cardano Price Holds Steady Amidst Political Buzz
Cardano Bulls Defend $0.60 Support
Cardano (ADA) traded above $0.62 on April 20th, showing slight daily decline despite recent news. However, weekend derivatives trading indicates strong bullish sentiment, suggesting that Charles Hoskinson's comments regarding his lack of a deal with the Trump administration are unlikely to negatively impact ADA's price in the coming week.
ADA price has demonstrated resilience, remaining above the crucial $0.60 support level. This follows an interview where Hoskinson downplayed the significance of forging ties with the Trump administration, despite being excluded from a recent White House crypto summit. He stated, "I don’t need to make a deal with Trump," emphasizing that US political connections might offer short-term visibility but lack long-term impact.
Cardano's Absence from Trump-Linked Projects
While other crypto leaders met with Trump and his advisors, Cardano's absence is notable. Trump's March 2025 inclusion of ADA in his proposed crypto strategic reserve sparked optimism, but subsequent developments show Cardano seemingly sidelined. Meanwhile, projects like WLFI are actively aligning with Trump, announcing a USD1 stablecoin and strategic investments in Tron and Chainlink.
Cardano Derivatives Volume Surges Past $700M
Despite the political headlines, market participants appear more focused on price action. Derivatives trading data reveals a bullish risk-tolerant stance. Total ADA derivatives trading volume surged to $716.28 million, while open interest reached $635.27 million. This increase in open interest, coupled with a slight price dip, suggests bulls are actively defending their positions against a drop below $0.60.
The bullish sentiment is further confirmed by long/short ratios on major exchanges like Binance (2.19) and OKX (2.62), indicating a strong preference for long positions among traders.
Cardano Price Analysis: The Week Ahead
The $0.60 level will be a key test for Cardano bulls. A successful defense could propel ADA towards $0.65, potentially opening the door to a move towards $0.70. Conversely, a failure to hold this support could lead to a decline towards $0.55.
Cardano Technical Price Analysis
ADA's price is consolidating around $0.6203, with the 4-day SMA acting as immediate resistance. The Bollinger Band Percent (BBP) at -0.0088 suggests compressed volatility. While volume remains subdued (46.4M), this could indicate accumulation rather than a lack of interest. Bitcoin's neutral-bullish price action provides supportive backdrop for ADA.
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