Cardano Price Drops 3% Amid Market Correction- Can ADA Rebound Above $1?
Highlights:
- Cardano’s price has tanked by 3% to trade at $0.76, as trading volume spiked by 61%.
- A crypto analyst has highlighted a potential upward trajectory if support zones between $0.66 and $0.80 hold.
- Technical indicators show potential upside as bulls struggle to break above moving averages.
Cardano’s price has dropped 3% to $0.76 amid the crypto market correction. Despite the fall, its daily trading volume has soared 61% to $1.84B, indicating heightened market activity. Can this surge in trading volume spark a rally soon?
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Popular analyst Ali Martinez has highlighted a potential strike to the upside in the Cardano market. He mentioned that looking at the bigger picture, Cardano’s key support zone is between $0.80 and $0.66. Staying above this range could set the stage for its next move!
Looking at the bigger picture, #Cardano $ADA key support zone lies between $0.80 and $0.66. Staying above this range could set the stage for its next move! pic.twitter.com/U4oRzRtyMW
— Ali (@ali_charts) March 10, 2025
Cardano Price Outlook
The Cardano 3-hour chart shows signs of potential recovery, trading at $0.76 while testing resistance at $0.78. Meanwhile, the Cardano price still trades below the 50-day MA (0.85) and 200-day MA (0.78), upholding a bearish sentiment in the Cardano market.
Additionally, the price is trading within a symmetrical triangle, with the bulls aiming to break out soon if the bullish momentum strengthens. The recent surge in trading volume ($1.84B), representing a 61% increase, further supports the likelihood of continued upward momentum, as strong buying interest drives the price higher.
The Cardano price may spike to the upside if the buyers increase the pressure. However, if the bullish momentum continues, ADA/USD could push toward the $0.85 resistance level, which aligns with the 5-day MA. Breaking and closing above this level would confirm a trend reversal, potentially opening the door for further gains toward $0.95, $1.03, and $1.17.
Meanwhile, if the price faces rejection near $0.78, a pullback to lower support zones would be imminent to the $0.73, $0.71, and $0.66 offering a possible retest of the breakout level before resuming an upward move. Traders should closely watch whether ADA can sustain its gains above the current levels, as this psychological level may play a critical role in determining future price action.
On the other hand, if the price fails to hold above $0.76 and sellers regain control, ADA/USD could retrace towards $0.71 or even the key support level at $0.66. A break below $0.65 would invalidate the bullish outlook and signal a continuation of the broader downtrend toward the supports at lower support zones.
Technical Indicators Show Potential Upside
A zoomed view of the RSI’s current reading of 42.76 shows a neutral-to-bullish outlook. A breakout above the 50-mean level would validate the bullish thesis. In the meantime, a decisive break above the moving averages would signal renewed bullish strength. The next resistance is at $0.95, where sellers might become active again.
However, failure to regain momentum above the moving averages could lead to further consolidation within the channel. On the flip side, as long as Cardano hurtles above the moving averages and the breakout level, the overall market sentiment flips to bullish, favoring a move toward higher price targets in the coming days.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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