Cardano Down 4% In A Week: What Is Going On With ADA?
By Benzinga
Despite Cardano’s (CRYPTO: ADA) 4% decline over the past week, crypto traders and community developments paint an optimistic picture for the altcoin’s near-term future.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Cardano (CRYPTO: ADA) | $1.07 | $37.5 billion | -1.8% | -4.2% |
| TRON (CRYPTO: TRX) | $0.282 | $24.3 billion | -0.95% | -3.2% |
| Avalanche (CRYPTO: AVAX) | $49 | $20 billion | -2.9% | +0/08% |
Trader Notes: Crypto trader Cantonese Cat noted that ADA’s weekly close signals potential for significant upward momentum.
Similarly, Rose Premium Signals highlighted a symmetrical triangle pattern on Cardano’s daily chart, which suggests a bullish breakout may be imminent.
With the price hovering near a key support zone at $0.9168, this could present a prime buying opportunity.
Projected breakout targets include: $1.4594, $1.7574 and $2.0387. The trader advises placing a stop loss below $0.89 to mitigate risks.
Statistics: IntoTheBlock data shows Cardano’s large transaction volume and daily active addresses increasing by 0.4% and 3.7%, respectively. Large transaction volume are up from 1,201 to 1,480 in a single day.
With Cardano up 38% month-over-month, around 66% holders are in profit and 9% at breakeven.
Community News: Cardano’s co-founder, Charles Hoskinson, expressed his vision for 2025, foreseeing a flourishing ecosystem with numerous projects and developers contributing to the blockchain.
Hoskinson emphasized the importance of embracing innovative features like Hydra, Partnerchains, and Leios, which will enhance Cardano’s usability and scalability. He views these advancements as critical for positioning Cardano as the backbone of global economic, political and social systems.
“This vision is ambitious yet achievable through collective effort and unwavering commitment,” said Hoskinson on X on Saturday.
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Image: Shutterstock
