Cardano Slips Below Key Support as Traders Brace for More Volatility – BlockNews
Cardano's price has dropped below $0.68, after failing to hold above $0.73, with analysts now eyeing $0.58–$0.65 as the next key support zone amid signs of short-term weakness. Analyst Dan Gambardello downplayed the dip, calling it a normal part of market cycles, while also highlighting that ADA might still fall to around $0.60 before seeing
- Cardano’s price has dropped below $0.68, after failing to hold above $0.73, with analysts now eyeing $0.58–$0.65 as the next key support zone amid signs of short-term weakness.
- Analyst Dan Gambardello downplayed the dip, calling it a normal part of market cycles, while also highlighting that ADA might still fall to around $0.60 before seeing any real recovery.
- Derivatives data shows falling interest and volume, with a 93% drop in options trading and slight declines in open interest, though Cardano remains a top-10 crypto with ongoing DeFi growth and renewed exchange listings.
Cardano’s been having a rough go lately. After teasing a recovery earlier this month, ADA couldn’t keep its footing above that tricky $0.73 mark. And now? It’s hanging out just under $0.68, slipping below some pretty big support. That’s got a few folks spooked, though others aren’t too surprised. Market swings like this? Kind of part of the game.
Zooming in on the charts, ADA’s been fighting — and losing — against a bunch of moving averages. Dropping below the psychological $0.70 line didn’t help much either. Analysts are now eyeing the $0.58–$0.65 range as the next place where ADA might try to land on its feet. Unless it flips back above $0.70 soon, the vibes are leaning bearish, at least for the short term.
Analyst Tries To Calm the Noise
Dan Gambardello, a pretty well-known voice in the crypto space, chimed in recently. He shared that this dip? It’s probably not done yet — but also, don’t panic. According to him, dips like this happen all the time before prices start climbing again. His video walked through some key Fibonacci spots and moving averages that hint ADA might tag $0.60 before things start looking up again.
On top of the technical stuff, there’s the regulatory cloud too. The SEC just hit pause on the Grayscale Cardano ETF decision, now pushed back to July 13. The final verdict won’t land until late October. That delay nudged ADA down nearly 4% right after it was announced, which, yeah… didn’t help the mood.
Traders Start Tweaking Positions
Over in the derivatives world, the numbers tell their own story. CoinGlass data shows ADA trading volume dropped 9.5% in the past 24 hours — now sitting at $1.85 billion. Open interest slipped a little over 1%, while options trading saw a massive 93% dip. That suggests people are backing off from hedging long-term bets, at least for now.
Even with all this, Cardano’s still solidly in the top ten crypto assets by market cap — holding steady at around $24 billion. Its reappearance on platforms like eToro and steady growth in DeFi keep it from fading into the background, no matter what the chart looks like today.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
