Cardano Price Prediction: Can ADA Hold $0.37 After Breaking Out of the Intraday Trading Channel?
The price dropped about 5.5% that day. Trading activity remained subdued, with intraday volatility limited to a narrow range between $0.3775 and $0.3898 (UTC+8).
There was a brief rebound earlier, but it failed to sustain. The short-term outlook remains weak.
Over the past seven days, Cardano has fallen by about 18.2%, indicating continued downward pressure.
This move reflects broader market conditions rather than a single event, as selling pressure across the industry has remained steady.
Despite Stable Trading Volume, Why Are ADA Traders Still Cautious?
Even with recent losses, Cardano's market capitalization is still around $13.8 billions. This keeps it among the top large-cap cryptocurrencies.
However, recent price action suggests that buyers are reluctant to enter at current levels, so market momentum remains tilted to the downside.
Trading activity has remained largely stable. The 24-hour trading volume is close to $500 millions. However, the overall price trend points downward.
This indicates that many traders remain cautious rather than betting on a quick market rebound.
From a technical perspective, Cardano is testing a key support area. The trend remains clearly bearish. The price continues to be capped by important indicators, but shows no signs of a rebound.
Fibonacci levels show that ADA is moving toward the 1x retracement level near $0.3714 (UTC+8). This level previously acted as support.
If the price fails to hold this level, downside risk will increase. According to Fibonacci extension projections, the next major support is near $0.30 (UTC+8).
ADA Price Prediction: Has Cardano's Daily Price Structure Collapsed After Channel Breakdown?
Recent price action also clearly shows structural damage. After breaking below a clear daily trading channel,
ADA's price has continued to hit new lows. A chart shared by Ali Martinez confirms that the overall downtrend remains intact.
Once the price lost the mid-range position in the channel, selling intensified.
After ADA's price fell below $0.51 (UTC+8), the downtrend accelerated; previously, this level had attracted buyers. Since then, rebounds have been limited in both magnitude and duration.
The chart shows ADA consolidating around $0.38 (UTC+8). This suggests that prices are stabilizing in the short term, rather than reversing. Martinez summed it up clearly: "After Cardano (ADA) broke out of the channel, $0.29 (UTC+8) will be the focus."
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Jonathan R. Miller is a junior contributor based in Columbus, Ohio, with a growing focus on blockchain technology, digital assets, and fintech innovation. With a background in economics and communications, Jonathan began covering the crypto space in 2022 through freelance research projects...Read More
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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