- Cardano (ADA) is holding above the crucial $0.70 support level after a sharp pullback from its $0.746 high, with bulls still defending key territory despite recent market volatility.
- If ADA stays above $0.70 and breaks past $0.764, it could target a move toward $1; failure to hold support might trigger a decline toward $0.674 or even $0.60.
- Network fundamentals remain strong, with nearly 2,000 projects building on Cardano, over 10.7 million tokens issued, and steady growth in decentralized governance participation.
Cardano (ADA) just pulled a fast one on traders. After showing off some strong bullish momentum, ADA flipped gears, thanks mostly to a wave of profit-taking that swept through the broader crypto market.
After climbing four straight days to hit a high of $0.746 on April 24, ADA’s price started backpedaling. It’s now clocked two consecutive days of losses — and at this rate, might be on track for a third if today doesn’t turn around.
Holding the Line at $0.70 — Buyers Still in the Fight
Despite the pullback, Cardano hasn’t totally lost its footing. It’s holding firm around the psychological $0.70 level, a spot that’s shaping up as a serious battleground between bulls and bears.
Right now, $0.70 sits sandwiched between two important daily moving averages:
- SMA 50 at $0.674
- SMA 200 at $0.764
Not exactly the easiest spot to hang onto, but the fact that ADA’s still hovering above $0.70 suggests buyers aren’t ready to throw in the towel just yet.
If ADA can stay above here and regain some upward juice, it could take another shot at that SMA 200 resistance at $0.764. Clear that? And the next big psychological prize — $1 — comes back into focus.
Risks Still Linger: Watch These Levels
Of course, it’s not all smooth sailing.
If ADA loses $0.70 support? Things could get choppy fast.
- First downside checkpoint: SMA 50 at $0.674
- And if that doesn’t hold? Next stop could be down around $0.60
For now though, holding $0.70 keeps the door open for a possible fresh rebound.
But — and it’s a big but — market sentiment over the next few days could seriously tip the scales either way.
Cardano’s Network Growth: Still Chugging Along
While price action’s been a rollercoaster, the Cardano network itself?
Still grinding forward.
According to the latest update from Input Output Global (IOG):
- 1,993 projects are now being built on Cardano
- 10.77 million native tokens have been issued
- 212,489 token policies are active
- 131,015 Plutus scripts and 6,492 Aiken scripts deployed
- 108.73 million transactions processed so far
Also, on the governance side, 1,261 DReps (delegated representatives) are registered, with 935 actively engaged, marking a 0.49% increase from last week. That’s a slow but steady sign of Cardano’s decentralized governance model growing roots.
Final Thoughts: Crucial Days Ahead for ADA
Right now, ADA’s holding the fort at $0.70 — but it’s definitely feeling the heat.
If bulls can push back and flip the mood, a rebound could be right around the corner.
If not… brace for some turbulence.
Either way, with network development staying strong in the background, Cardano’s fundamentals are still looking solid — even if the price needs a little time to catch up.
