Cardano (ADA) bears are back in the market, pulling the coin down from the $0.76 level achieved on Wednesday.
Investors who thought ADA would soon hit a new all-time high have again suffered another disappointment.
Amid the ongoing price decline, Cardano continues to gain attention across global markets.
This increasing attention can help spark more adoption for ADA, leading to a potential bullish rebound.
Mild Drawdown Emerges on ADA’s Chart
Market data reveals that ADA has lost a substantial amount of its recently acquired gains.
On Wednesday, March 12, Cardano price traded at highs and lows of $0.76 and $0.74, respectively.
This surge follows a broader market resurgence, with Bitcoin (BTC) climbing over the $83,000 mark.
However, ADA has failed to sustain this momentum as the bears have resurfaced, dragging the coin down.
Investors have also actively stopped accumulating the coin, as the decreasing trading volume indicates.
As of this writing, ADA price was trading at $0.7171, representing a 1.20% decrease in the last 24 hours.
The market cap has also dropped to $25.26 billion, while the Fully Diluted Valuation (FDV) is $32.27 billion.
The recent price breakdown triggered sharp selling pressure, which caused investors to sell off their ADA holdings.
The market price has also shown various failed upward recovery efforts. This is due to resistance areas between $0.90 and $1.10.
Cardano’s ability to return to bullish upsides will depend on the overall state of the crypto market.
Similar to most altcoins, ADA has some catalysts to support its potential rebound.
Japan’s IT Minister Holds Talks With Cardano Founder
Notably, Hirai Takuya, Japan’s IT Minister, disclosed that Cardano Founder Charles Hoskinson recently paid him a courtesy visit.
The Minister announced the meeting in an X post, giving no explicit details about their discussion. “We had a meaningful exchange of opinions,” says Takuya.
He, however, highlighted Cardano’s increasing attention in the crypto market.
According to Takuya, Cardano is one of the next-generation blockchain platforms supporting the development of smart contracts and decentralized applications.
Charles Hoskinson’s visit emphasizes Cardano’s continuous evolution as a beacon of innovation in the blockchain space.
His vision, rooted in research and sustainability, inspires many to explore how decentralized platforms can support trust and collaboration.
The Cardano network is innovating rapidly. Recently, the Cardano Lace wallet welcomed a key upgrade, Daedalus 7.1.0, which addressed key security and bug fixes.
What Next for ADA Price?
Since the ADA price is far from key levels, there is a low chance that the coin will see increased volatility soon.
ADA has found key support at the $0.72 mark. A breakout above this level will see ADA reclaim positive momentum.
In contrast, a fall below the mark may result in ADA losing more of its value.
Market analyst Ali Martinez previously forecasted the bearish trend could shift if ADA remains above $0.80 and successfully breaks the $1.20 resistance.
The analyst posted a chart analysis projecting a possible rally toward $10 if the price structure improves.
It is important to note that previous price movements have shown similar consolidation phases before breakouts.
Thus, the $1.20 resistance level remains the key area to monitor for a bullish reversal.
Likewise, levels above $0.85 and $0.90 could signal the beginning of a bounce.
The post Cardano (ADA) Sellers Re-emerge, Is Rebound Attempt Failing? appeared first on The Coin Republic.
The Coin Republic – Read More