Cardano ADA News: Price Prediction and Market Sentiment Analysis

ADA price is falling rapidly and could potentially reach $0.6 in the coming weeks. Traders are advised to exercise caution as the $0.82-$0.88 range was identified as a supply zone. A critical support level is expected at $0.62, and bulls need to step up to halt the downtrend. Additionally, a decision on a Cardano [ADA] spot ETF is pending, with a deadline set for March 27th. Recent whale token movements have sparked curiosity about potential accumulation or asset distribution.

ADA Price Prediction and Market Sentiment Analysis

ADA price is falling rapidly and could head towards $0.6 in the coming weeks. Traders must remain cautious as the $0.82-$0.88 range was a supply zone. A key support level is anticipated at $0.62, where bulls need to halt the downtrend. The decision on a Cardano [ADA] spot ETF is looming, with the deadline set for March 27th. Recent whale token movements raise questions about possible accumulation or asset distribution. The volume profile indicates $0.9 and $0.74 as key levels to watch. The swing structure of ADA remains bearish after the November rally took it beyond previous 2024 highs.

Cardano Transaction Fees Surge as ADA Price and Activity Skyrocket

Cardano (ADA) experienced a significant price surge in Q4 2024, with a 126% increase that pushed its market capitalization to $30.3 billion. This remarkable growth led to a jump in ADA’s circulating market cap rank from 11th to 9th. The rally was influenced by the US election in November and the broader cryptocurrency market rally. According to Messari’s latest report, transaction fees in USD rose by 254% quarter-over-quarter to $1.8 million, representing a 95% year-over-year increase. This increase was driven by higher token prices and transaction activity. The average daily transactions on Cardano also rose by 65% quarter-over-quarter to 71,500, alongside a 58% growth in average daily active addresses.

Cardano Ratifies Its Constitution With 85% Approval Rate

The Cardano blockchain has achieved a historic milestone by ratifying its first official constitution, securing an overwhelming 85% approval rate. This decision replaces Cardano’s interim constitution and establishes a new governance framework to guide the ecosystem’s future evolution. The announcement was made during a livestream by Cardano founder Charles Hoskinson, who revealed the voting results using real-time metrics from the platform’s governance tools.

Cardano’s Bearish Pressure Continues – Will ADA Dip Below $0.6?

Cardano’s ADA has experienced a sharp 10% price drop, sparking concerns among market participants. With bearish momentum still accumulating, the altcoin could dip further to test its flag support level, potentially pushing the price below $0.6. Adding to the downward pressure, ADA whale activity has also decreased by 8.24% in the last 24 hours, signaling reduced confidence among large holders. The recent price drop has left ADA in a weak position, raising questions about whether this dip could lead to further losses for the cryptocurrency.