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The price of Cardano 
$0.822085 (ADA) is gaining attention following recent regulatory announcements in the United States and the introduction of reserve plans for altcoins. Observers are closely monitoring significant technical formations and regulatory steps that could impact Cardano’s price movements. These recent regulatory developments have piqued the interest of the market, leading to various predictions about the future direction of the price.
Technical Analysis for Cardano’s Price
A leading analyst noted that Cardano has been in a distinct downtrend since December. This decline has formed an expanding wedge formation, with the $1.14 level emerging as a critical resistance barrier. Should daily closes surpass this level, the price could potentially rise to $2.
Ali Martinez predicts that breaching this level could serve as a pivotal point for Cardano’s recovery, prompting investors to closely watch price movements.
Impact of Regulatory Developments in the US
Recent regulatory announcements in the US could lead to significant changes in the cryptocurrency market. The proposed strategic reserve plan for Bitcoin 
$104,372, along with similar plans for altcoins, is creating a positive atmosphere in the market. The acceptance of Grayscale’s filing related to Cardano by the SEC is considered one of the factors enhancing this positive sentiment.
Another analyst mentions that Cardano has entered a technical consolidation phase, suggesting the price could reach between $1.30 and $1.40 in the short term. These statements are among the indicators supporting Cardano’s potential short-term rise.
