- Cardano Dips Amid Market Slump: Cardano (ADA) is down 1.38% in the last 24 hours, trading around $0.762, and has fallen 4.05% over the past week. Despite hitting $0.864 on May 12, the asset has struggled to maintain momentum, weighed down by broader market uncertainty.
- Whales Buy the Dip: Despite the price decline, whales have accumulated over 80 million ADA in the last 48 hours, suggesting that big players are betting on a potential rebound. Analysts are watching for ADA to reclaim the 200-day SMA at $0.805 as the first target, with $1.00 as a key resistance level.
- Ecosystem Growth Continues: Cardano’s ecosystem is expanding, with ongoing projects reaching 1,999, over 109.37 million transactions, and 10.79 million native assets minted. Meanwhile, smart contract deployment increased slightly, and governance participation saw a 1% uptick in DReps.
Cardano’s caught in a bit of a slump – down 1.38% over the last 24 hours, trading around $0.762, according to CoinMarketCap. Over the past week, it’s shed 4.05%, falling for four straight days since May 14. Just two days prior, ADA hit a high of $0.864, but bulls couldn’t hang onto the gains as macroeconomic jitters weighed down the market.
Trying to Claw Back
Early Sunday, Cardano tried to stage a minor recovery, touching $0.766, but it’s still deep in the red for the day. Meanwhile, big players – the so-called whales – seem to be taking advantage of the dip.
Crypto analyst Ali, citing data from Santiment, noted that whales have scooped up over 80 million ADA in the past 48 hours, despite the price drop. It’s a classic “buy the dip” play, suggesting that some smart money is betting on a rebound if market sentiment shifts.
Targets and Levels to Watch
If the market turns around, ADA’s first hurdle is the 200-day SMA at $0.805. Break above that, and the next target is $0.864 – the level that tripped bulls last week. From there, the big goal is the $1.00 mark.
On the flip side, if the decline continues, $0.72 is the immediate support, followed by the 50-day SMA at $0.684.
Cardano Ecosystem – Still Growing
Despite the price action, Cardano’s ecosystem is steadily expanding. According to the latest update from Input Output, the number of ongoing projects hit 1,999, with delegated wallets holding steady at 1.33 million. On-chain activity also ticked up – over 109.37 million transactions have been completed, and native assets climbed to 10.79 million across 214,832 token policies.
Smart contracts are growing too. The network now has 133,417 Plutus scripts and 6,640 Aiken scripts, a modest 0.49% increase over the previous week. Governance participation also rose, with 1,305 DReps, up 1% from last time. Meanwhile, GitHub saw 224 commits, signaling active development and continued progress on Cardano’s codebase.
For now, ADA remains in a waiting game – can it reclaim $0.805 and push higher, or will bears keep control? The next few sessions will be key in determining which way the wind blows.
