Dollar

Cardano

bullish

Bitcoin

<ul class="wp-block-list">
 <li><strong>Cardano faces resistance at key supply zone, impacting potential price movement.</strong></li>
 <li><strong>Bullish indicators suggest short-term optimism, despite ongoing market volatility.</strong></li>
</ul>
<p>Cardano (ADA) is trading at $0.3429, reflecting a 4% decline in the past 24 hours and hitting a weekly low of $0.3396. Over the past month, ADA has dropped by 7%. During this period, its price action has been relatively volatile, with slight declines of 5% over the past week.</p>
<p>ADA has now entered a crucial supply zone, ranging between $0.3680 and $0.3823, which could determine its next move. Breaking through this zone is essential for the token to target the $0.4158 mark. Failure to breach it could trigger a <a href="https://thenewscrypto.com/ethereum-lodges-for-support-at-2-5k-after-price-rally-struggles/" target="_blank" rel="noopener noreferrer nofollow">decline</a> toward $0.3566, which might serve as a support level.</p>
<p>Meanwhile, Key indicators like Open Interest (OI) and Funding Rate suggest that ADA’s bullish momentum is still intact. OI has increased by 6.49% to $252.62 million, signalling heightened market interest. A rise in <a href="https://thenewscrypto.com/popcat-hits-all-time-high-with-30-surge-in-open-interest/" target="_blank" rel="noopener noreferrer nofollow">OI</a> often correlates with positive price movements, indicating that traders are optimistic about ADA’s short-term prospects. Similarly, ADA’s funding rate, currently at 0.0132%, supports a positive outlook, pointing to trader sentiment favouring long positions.</p>
<p>However, the Relative Strength Index (<a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3AADAUSDT" target="_blank" rel="noopener noreferrer nofollow">RSI</a>) presents a cautionary signal. Currently at 67.36, it is nearing the overbought territory above 70, which could result in a price correction if the threshold is crossed.</p>
<h3 class="wp-block-heading" id="h-cardano-traders-can-expect-rally">Cardano Traders Can Expect Rally?</h3>
<p>Despite short-term fluctuations, Cardano’s long-term <a href="https://coinmarketcap.com/currencies/cardano/" target="_blank" rel="noopener noreferrer nofollow">price</a> movement faces challenges. The token’s price has struggled since its first-quarter rally in 2024, with significant resistance at the $1.04 level, where over 1 million addresses hold 2 billion ADA. Additionally, Cardano’s Mean Dollar Invested Age (MDIA), an indicator of long-term holder activity, continues to rise, signalling potential stagnation in investor behaviour.</p>
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<p>While Cardano could face further dips, broader market conditions, such as a Bitcoin rally, may provide support for a recovery. Should Bitcoin break above $70,000, ADA could revisit higher levels, possibly reaching $0.61 and beyond.</p>

Can Cardano Break the Supply Zone or Face Another Decline?

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