- ADA holds crucial support at $0.67, signaling potential for price rebound.
- Futures volume up by 13.25%, indicating increased market interest in ADA.
- RSI near 30 suggests oversold conditions, hinting at a potential bullish reversal.
Cardano (ADA) remains above a crucial support range between $0.81 and $0.67, maintaining bullish momentum despite recent market downturns. According to crypto analyst Ali Martinez, ADA has repeatedly tested this support area, reinforcing its significance.
The price has bounced from this level, suggesting strong buyer interest and a potential rally toward previous resistance near $0.90 or higher. If ADA sustains its position above this critical zone, further accumulation could push the price upward. However, a breakdown below $0.67 may shift market sentiment, leading to a deeper correction.
ADA’s Current Price Action and Market Data
As of press time, Cardano trades at $0.7273, reflecting a 2.10% decline in the last 24 hours and a 25.44% drop over the past seven days. With a circulating supply of 36 billion ADA, its market capitalization stands at $26.11 billion.
Despite short-term declines, derivatives data indicates increased trading activity. ADA’s futures volume surged by 13.25%, reaching $1.27 billion, while open interest dropped by 6% to $629.79 million. Meanwhile, options volume declined sharply by 92.94% to $6.59K, signaling reduced speculative interest.
Technical Indicators Suggest Potential Rebound
Several technical indicators highlight oversold conditions, which could lead to a price reversal. The Relative Strength Index (RSI) is at 30.16, indicating that ADA is nearing an oversold state. Historically, this level has triggered upward movements as buyers re-enter the market.
Additionally, the Moving Average Convergence Divergence (MACD) recently formed a bearish crossover. However, the narrowing histogram hints at weakening downward momentum, suggesting a possible reversal.
February 2025 Outlook: Can ADA Rebound?
Market projections from Coincodex indicate that Cardano could recover in February 2025, with a potential increase of 25.40%. Analysts predict an average price of $0.914312, with fluctuations between $0.717806 and $1.113074. If ADA follows this trajectory, investors could see a potential return of 52.65% from the current price.
