Cardano (ADA) Price: Bulls Struggle as Key Support Level Gives Way

TLDR

Cardano (ADA) price has declined below $0.70 and is consolidating near $0.6626 after breaking key support levels Trading data shows over $900,000 in long positions liquidated in 24 hours despite bullish trader sentiment Total Value Locked in Cardano’s DeFi ecosystem has dropped to $318 million from previous highs Technical indicators show bearish momentum with MVRV 30-day metric at -6.8%, indicating recent buyers are at a loss ADA faces critical support at $0.65 with potential for further decline if this level breaks

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Cardano has experienced a fresh decline in recent trading sessions, dropping below the $0.70 threshold. The cryptocurrency is now trading below key technical levels and faces mounting pressure from multiple market factors.

Cardano (ADA) Price

ADA started its latest decline after falling below $0.720 and $0.700 price points. The token broke through a bullish trend line with support at $0.6840, leading to further weakness. A low was established at $0.6626 before the price began consolidating.

The cryptocurrency is currently trading below the $0.70 level and the 100-hourly simple moving average. This positioning suggests continued bearish momentum in the short term.

Trading Activity Shows Mixed Signals

Futures market data from Binance reveals contrasting trader behavior. The long-to-short ratio stands at 2.57, indicating bullish sentiment among traders. However, liquidation data tells a different story about actual market performance.

Source: Binance

Over $900,000 worth of long positions were liquidated in the past 24 hours. In comparison, only about $140,000 in short positions faced liquidation. This disparity highlights the selling pressure affecting ADA despite trader optimism.

The technical resistance levels are positioned near $0.6720 and $0.6825. The first resistance aligns with the 23.6% Fibonacci retracement level from recent price action. The 50% Fibonacci retracement level sits at $0.6825.

If ADA manages to break above $0.6920 resistance, the price could target $0.7350. Further gains might push the token toward $0.750 in the near term.

On-Chain Metrics Signal Weakness

Network data reveals concerning trends for Cardano’s ecosystem health. The Total Value Locked in Cardano’s DeFi projects has declined to approximately $318 million. This decrease from previous highs indicates weakening demand for Cardano-based applications.

🔝 TOP PUBLIC CHAINS BY TVL GROWTH@hedera +27.5%@Cardano +17.5%@MultiversX +12.6%@Stacks +10.9%@soneium +10.1%@flow_blockchain +7.97%@SeiNetwork +7.87%@Algorand +7.53%@Filecoin +6.60%@Aptos +6.25%$HBAR $ADA $EGLD $STX $FLOW $SEI $ALGO $FIL $APT pic.twitter.com/5rtA0Inz88

— Chain Broker 🇺🇦 (@chain_broker) March 4, 2025

The MVRV 30-day metric has dropped below zero to -6.8%. This reading means recent ADA buyers are currently holding losses on average. Such conditions often create additional selling pressure as investors seek to limit further losses.

Network Realized Profit/Loss metrics have spiked sharply. This increase suggests many investors have been taking profits recently. The Age Consumed index has also risen, indicating increased holder activity that typically precedes price declines.

Cardano’s price action remains constrained within a falling channel pattern. The cryptocurrency is hovering near the critical $0.65 support level. A decisive break below this level could trigger further declines toward $0.620 and potentially $0.60.

Source: TradingView

On the downside, immediate support levels are located at $0.6625 and $0.650. The hourly MACD indicator is gaining momentum in bearish territory. The RSI has moved below the 50 level, confirming the current downward trend.

Institutional developments have provided some positive backdrop despite price weakness. Former President Trump’s Q1 2025 cryptocurrency reserve statement included Cardano. The ongoing Grayscale ADA ETF filing review continues, though delays have added uncertainty.

ADA currently trades at $0.6626 with immediate resistance at $0.6720 and key support holding at $0.65.

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