Cardano ADA News: Sharp Drop Amid Heightened Market Activity Signals Potential Reversal

In recent market movements, Cardano (ADA) has seen a significant decline accompanied by a spike in trading volume, hinting at potential shifts in market sentiment and technical indicators.

Cardano (ADA) Falls Nearly 10% as Trading Volume Spikes

Cardano (ADA) has experienced a nearly 10% drop, accompanied by a trading volume of $1.4 billion. This surge in volume suggests heightened market activity, potentially due to intense selling pressure. Technical indicators show that bearish momentum remains dominant, but there are emerging signals of a potential reversal. The BBTrend for ADA is currently at 2.83, indicating a shift in momentum towards buying interest, though it is still significantly below levels seen in mid-February.

Cardano Price at a Major Crossroads

The Cardano (ADA) price is currently holding above a key level of support at its 200DMA. Historically, bounces at this level have preceded fresh pushes to new record highs. A convincing break above or below this level could indicate medium-term gains or pain. The price is last just under $0.68, having bounced from this support on Monday. It remains to be seen whether ADA will cruise to fresh multi-year highs above $1.30 or slide under the 200DMA.

Cardano Eyes 70% Surge – Hoskinson Meets with Trump Administration Member

Cardano (ADA) held up well on Monday despite a sharp drop in Bitcoin (BTC) prices. The Cardano price was last just under $0.68, just above its 200DMA at $0.66. If the 200DMA holds as support, Cardano could snap its downtrend and rally over 70% back to its recent highs. Near-term catalysts include a meeting between Cardano founder Charles Hoskinson and an important member of the Trump administration later this month, potentially Elon Musk.

Cardano: Can ADA Rise High in March 2025?

Cardano (ADA) is one of the most significant cryptocurrency tokens. It has faced negative market forces and has plummeted from the $1 mark to its current price of $0.68. Recently, Grayscale filed for a Cardano ETF, which has been acknowledged by the US SEC. This development has brought enthusiasm to the ADA community, with many enthusiasts being bullish on the approval of the ADA ETFs.