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The Cardano price has plunged 4% in the last 24 hours to trade at $0.77 as of 7:15 a.m. EST on a 27% pump in trading volume to $925 million.
This drop in the ADA price comes as Cardano founder Charles Hoskinson expressed excitement over Elon Musk’s Department of Government Efficiency (DOGE) starting an investigation into the Securities and Exchange Commission (SEC).
Hoskinson reacted positively to the news, posting a “so happy” GIF on X.
That aligns with broader sentiment among crypto advocates, who have long criticized the SEC’s strict regulatory stance, arguing that it stifles innovation in the US.
https://t.co/cRvobGtGZL pic.twitter.com/QrfXN7593L
— Charles Hoskinson (@IOHK_Charles) February 17, 2025
Politico reported that DOGE officials will arrive at the SEC within days to investigate the regulator as part of its efforts to reduce government spending.
DOGE has launched an X account, asking the public for tips on waste, fraud, and abuse within the agency. Musk, who has had past conflicts with the SEC, recently called it a “totally broken organization” after being accused of underpaying Twitter stock investors by $150 million.
DOGE is seeking help from the public! Please DM this account with insights on finding and fixing waste, fraud and abuse relating to the Securities and Exchange Commission.
— DOGE SEC (@DOGE_SEC) February 17, 2025
However, Democrats, including Maxine Waters, have raised concerns about Musk’s access to sensitive SEC data, particularly its Consolidated Audit Trail (CAT), which tracks US market activity.
Waters warned acting SEC Chair Mark Uyeda that DOGE’s involvement could jeopardize financial oversight, fearing Musk could exploit the data for personal gain or revenge.
Cardano Price Struggles At Key Resistance Levels: Will $0.90 Hold?
Cardano price is currently trading at $0.776, marking a 4.20% decline. The day’s price range has seen a high of $0.814 and a low of $0.767, indicating continued volatility within its current trend. Key resistance levels are established at $0.90 (R1), $1.10 (R2), and $1.30 (R3), while the nearest support levels sit at $0.70 and a critical lower bound at $0.517.
ADA experienced a sharp spike in November 2024, which propelled it into a strong uptrend. However, since hitting a peak, it has been trading within a well-defined bearish channel, characterized by consistent lower highs and lower lows.
ADAUSD Analysis Source: Tradingview
A price jump from support near $0.70 indicates buyers attempt to regain control. If momentum continues building, ADA could challenge the $0.90 resistance (R1).
A successful breakout beyond this level would signal a potential trend reversal, with price targets extending toward $1.10 (R2) and $1.30 (R3).
Conversely, failure to break this resistance could see the price reversing toward $0.70 or even $0.517, a key historical support zone.
Cardano Price Eyes Potential Breakout
The Relative Strength Index (RSI) is currently at 43.12, reflecting a neutral-to-bearish sentiment. The RSI recently rebounded from an oversold level (36.86), indicating that selling pressure may be slowing down.
A sustained move above 50 on the RSI would confirm a shift toward bullish momentum, increasing the likelihood of a breakout.
Additionally, the LuxAlgo Trendlines with Breaks indicator suggests that the downward trend is beginning to weaken. If buying volume increases, ADA could break out of the bearish channel, leading to a shift in market sentiment.
Cardano price is at a pivotal stage, where price action in the coming days will determine whether it can break out of its bearish phase or continue trending downward.
A decisive move above $0.90 (R1) would validate a bullish trend shift, while rejection at this level would suggest further downside risk.
Best Wallet Presale Zooms Past $10 Million – Next Crypto To Explode?
As the Cardano price struggles to break key resistance, investors are flocking to buy into the Best Wallet (BEST) presale, which has already raised over $10.1 million in funding.
$10M raised and Best Wallet keeps growing! 🔥
Holding $BEST isn’t just about being part of the fastest-growing crypto wallet. It comes with real advantages that put you ahead of the game:
✅ Exclusive Airdrop Rewards
✅ Alpha on The Hottest New Tokens
✅ Total Control in One… pic.twitter.com/mRJp7jorsG— Best Wallet (@BestWalletHQ) February 17, 2025
Best Wallet is a vast digital asset management platform supporting over 60 blockchains that allows users to securely manage multiple Web3 wallets.
One standout feature is its Upcoming Tokens section, which flags the hottest presales in the market to customers. It’s established a good track record, recommending meme coins like Catslap (SLAP) and Pepe Unchained (PEPU), which both delivered huge returns to early investors.
Its latest recommendation is BTC BULL Token (BTCBULL), a new meme coin that is giving away Bitcoin to token holders via milestone-based airdrops when the Bitcoin price hits new all-time highs.
Crypto analyst and YouTuber Crypto Gains, who has over 141K subscribers, predicts that BEST could surge 10X following its launch.
Investors can also stake BEST tokens for a huge 173% annual return.
🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
With built-in incentives for buying, holding, and trading, $BTCBULL gives holders a new way to stack BTC.… pic.twitter.com/BMzBHcLltU
— Best Wallet (@BestWalletHQ) February 10, 2025
Selling for $0.024025, BEST can be bought with either crypto or a bank card. Interested investors should buy before a price hike in less than 7 hours.
Buy BEST here.
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