Cardano Price Drops 19% as Analyst Predicts a Rebound above the $0.96 Resistance Key

Highlights:

• Cardano price drops 19% to $0.71 following waning crypto momentum.
• Crypto analysts predict a rebound in Cardano price, which may cause ADA to retest the $0.96 resistance or breakthrough.
• With oversold conditions in the ADA market, can the bulls ignite a buy-back campaign to reclaim the $1.15 mark?

The Cardano price has plummeted 19% to trade at $0.71 as the crypto market decline deepens. Despite the plunge, its daily trading volume has soared about 453% to $4.06 billion, signaling a rise in market activity.

Meanwhile, a crypto analyst via X says that Cardano price looks primed for a rebound after testing the symmetrical triangle’s bottom. In the short term, it should retest resistance, possibly breaking through. The larger harmonic pattern suggests a high probability of hitting at least the first target.

$LenFi looks primed for a rebound after testing the symmetrical triangle’s bottom. In the short term, it should retest resistance, possibly breaking through. The larger harmonic pattern suggests a high probability of hitting at least the first target.@LenfiOfficial#Cardano pic.twitter.com/1jvpa5Fapd

— EHS₳N (@ImpulseHunter1) February 3, 2025

ADA Statistical Data

Based on CoinmarketCap data:

• ADA price now – $0.71
• Trading volume (24h) – $4.06 billion
• Market cap – $25.2 billion
• Total supply – 44.99 billion
• Circulating supply – 35.18 billion
• ADA ranking – #9

Cardano’s price is trading at $0.7102, marking a 19% decline over the last 24 hours. The coin faced a sharp drop from a high of $0.9107 to a low of $0.46, a 54% decrease, before rebounding to $0.71, showcasing significant market turbulence.

Cardano Price Rebounds Above Strong Support

The ADA/USD daily chart reveals Cardano’s recent challenges, reflecting the broader bearish sentiment gripping the cryptocurrency market. Currently hovering near $0.71, the price is attempting a recovery above the $0.96 mark, which acts as the first resistance level. Should the bearish momentum persist, $1.15 is the key upper barrier that Cardano must overcome to regain bullish traction. 

On the downside, support levels are identified at $0.69, followed by $0.57, which has historically cushioned prices during previous downturns. A decisive break below these levels could open the door for a further decline toward $0.46, the most recent low underscoring the prevailing bearish dominance. Conditional to broader market movements, a reversal could be catalyzed by renewed investors’ confidence or macroeconomic relief. 

Despite the broader cryptocurrency market facing persistent bearish pressure, Cardano’s price showcases potential resilience to retest its recent high of $1.32 and even push beyond. Historically, Cardano has demonstrated an ability to weather downturns, supported by its robust technological foundation and growing adoption in decentralized finance (DeFi) and enterprise use cases. 

JUST IN: #Cardano $ADA Founder Charles Hoskinson says "we're still working on some of the deals that are under NDA, and meeting a very special person towards the end of the month. I can't say who it is. February is going to be a good month. We're getting things done." pic.twitter.com/zrT75XBdy7

— Angry Crypto Show (@angrycryptoshow) February 2, 2025

While the current price of $0.71 remains significantly below the peak, its network’s scalability upgrades, such as the Hydra Layer 2 solution, could act as catalysts for renewed bullish momentum once market sentiment improves. However, the journey back to $1.32 depends on overcoming key resistance levels at $0.96, $1.15, and $1.32, which will require broader market support and strengthened investors’ confidence.

Technical Indicators Show Oversold Conditions – Can ADA Rebound?

A zoomed outlook at the RSI shows that it has plunged below the 50-mean level, currently at 27.56, suggesting sellers maintain control in the near term. However, with the token oversold, the bulls may initiate a buy-back campaign, which may cause ADA to rebound above the $0.96 resistance zone. 

The MACD indicator notably upholds a sell signal, manifested by the blue MACD line flipping below the orange signal line. This suggests the intense selling pressure in the ADA market, as the histogram bars are fading, a sign of waning bullish sentiment.