๐ Cardano (ADA) Holds Steady Amid Market Uncertainty ๐
Cardanoโs ADA dipped 2% in the last 24 hours, slightly outperforming Bitcoin (-2.6%) and Ethereum (-4%). The drop comes after a 14.7% weekly rally, which brought ADA close to $0.98 before traders took profits ahead of key macro events.
๐ Market Pressure
Global markets shifted to a risk-off mode ahead of Fed Chair Jerome Powellโs Jackson Hole speech. Julyโs Producer Price Index at 0.9% reignited inflation worries, triggering around $567M in crypto derivatives liquidations, especially in altcoins. ADAโs intraday drop of 6.2% mirrored Ethereumโs 5.4%, highlighting altcoin sensitivity to macro shifts.
๐ Technical Levels
ADA faced resistance at $0.9386, the 78.6% Fibonacci retracement, tested three times since July. A recent 51% gain over 60 days pushed the 7-day RSI into overbought territory before easing to 63.53. On-chain, 2.1B ADA moved to exchanges, marking strong profit-taking.
๐ผ Derivatives & Institutional Interest
ADA futures open interest hit $1.82B, the highest in five months. Elevated open interest signals strong participation but can amplify volatility around macro events.
โ๏ธ Regulatory Outlook
Grayscaleโs Cardano Trust filing boosted optimism, but the SECโs delay on XRP ETFs added uncertainty. Polymarket shows 82% odds of eventual ADA ETF approval, yet the extended timeline may affect short-term momentum.
๐ Next Moves
Resistance: $0.9386 โ break could lead ADA to $1.00
Support: $0.85 โ breakdown may test the 50-day EMA at $0.812
๐ On-Chain Signals
Whales accumulated 30M ADA recently, showing confidence in long-term fundamentals. Exchange outflows indicate supply tightening, often a precursor to renewed upward momentum.
๐ก Summary
ADA is consolidating amid macro caution, technical resistance, and regulatory patience. While short-term moves depend on external catalysts, underlying metrics suggest the broader Cardano story remains strong.
#Cardano #ADA #CryptoNews #Altcoins #CryptoTrading $ADA