Cardano (ADA) is currently trading at $0.6015, down 2% in the past 24 hours. Despite the price drop lately, Cardano continues to show impressive on-chain growth. It now has over 5.4 million wallets, with 100,000+ new wallets added in just the last 60 days.
Market Activity Remains Strong
Data from TapTools shows that in just over 6 months, Cardano has added 400,000+ new wallets. Additionally, ADA’s 24-hour trading volume has surpassed $700 million. CoinMarketCap ranks Cardano’s community sentiment as the 7th most bullish, with over 81% positivity.
ADA remains under pressure
However, its recent price action remains in a bearish trend. Cardano has dropped 13.4% in the past week, falling from over $0.70 on June 12 to around $0.60 today.
Most technical signals are neutral to bearish: RSI is at 33.39, close to oversold, MACD and Momentum are negative. CCI is the only indicator flashing a clear buy. Major moving averages, like the 10-day EMA ($0.6324) and 200-day EMA ($0.7097), are above the current price, showing a strong downtrend.
Support at $0.60 Is Critical
Cardano’s long-term holders are also cashing out. If ADA falls below $0.60, the next major support lies at $0.57. A short-term bounce to $0.66 is possible if the support holds, but a sentiment shift is needed for sustained recovery.
ADA also faces strong resistance between $0.75–$0.78, a zone it has failed to break in past rallies. Unless it reclaims $0.62 and pushes toward $0.70, there is a risk of more downside.
Signs of a Bullish Reversal?
On the brighter side, recent analysis points to a possible triple bottom forming at current levels, which is a classic bullish reversal pattern. ADA is also trading within a falling wedge, which often leads to breakouts. If ADA holds this level and forms a strong bullish weekly candle, it could gain upside momentum. Key upside targets to watch are $1.00, $1.21, and $1.43.
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