Cardano ADA News: Price Drop and Potential Reversal Amid Bearish Sentiment and Liquidation Imbalance

Cardano (ADA) Price Prediction For March 8

Cardano (ADA) is struggling to gain momentum due to bearish market sentiment. On March 8, 2025, the asset registered a 5% price drop and reached a crucial support level. Technical analysis shows that the $0.81 level is a strong support zone with significant buying pressure and potential for a price reversal.

Cardano Price: Impact Of 78% Liquidation Imbalance

In the past 24 hours, 96,472 traders have been liquidated in the market, with Cardano (ADA) being one of the assets caught in a liquidation imbalance. The total liquidations from different crypto exchanges totaled $283.62 million, with the largest coming from Bybit. Of this amount, ADA recorded over $11.51 million worth of liquidations, with a significant percentage from long traders, totaling $8.04 million. This formed a 78% liquidation imbalance, impacting traders who had high confidence in ADA’s potential gains.

Cardano News: Charles Hoskinson Teases Game Plan

In recent Cardano news, founder Charles Hoskinson did not attend the Crypto Summit held in the White House as he was not invited. He took to a social media platform to explain the situation, while subtly discouraging his followers and members of the Cardano community from hounding government officials. Charles Hoskinson was quite positive that the new administration in the United States would seek his opinion about crypto policies and favorable regulatory framework for the growing industry. He met with US Senator Tim Scott and other banking officials to discuss crypto regulations.

Cardano News: New zkEVM Protocol, Price Eyes $10 Breakout

Cardano is making headlines again with two major developments. First, Sebastien Guillemot of Paima Studios has introduced Starstream, a new zkEVM protocol designed to enhance Cardano’s power, simplicity, and compatibility with ZK cryptography. This move addresses one of Cardano’s biggest challenges: compatibility with Ethereum-based applications. Additionally, analyst Ali Charts has shared a projection that Cardano is likely to rally to $10.