-
Cardano (ADA) has demonstrated resilience amid the recent Bybit hack, raising questions about its future price trajectory.
-
Despite market turbulence, ADA has managed to maintain its position above critical support levels, showcasing a potential for price recovery.
-
According to COINOTAG, analysts note that ADA’s response to the current market conditions will be pivotal for its future performance.
Cardano remains stable post-Bybit hack, holding key support levels. Traders anticipate future price movements amid fluctuating market dynamics.
Current price momentum
In the wake of the Bybit incident, Cardano experienced a 4% decline, with prices settling around $0.76. Notably, trading volume increased by 50%, indicating a rise in trader activity despite the downturn.
All about its price action
The price action of ADA has seen it revert towards a support level defined by a long-standing ascending trendline, a trend first established back in February 2025. This trendline has historically acted as a catalyst for price rebounds.
Recent price charts indicate that every time ADA has touched this trendline over the past three weeks, it has seen subsequent price increases.
Source: TradingView
This trend indicates significant investor interest, with many traders forecasting further upward momentum for ADA.
According to COINOTAG’s technical analysis, the current market scenario places ADA in a critical position, forming an ascending triangle pattern, supported by both the ascending trendline and a horizontal support at $0.745.
However, fluctuating market sentiments complicate predictions of whether ADA’s price will rally or decline.
Technical analysis and price prediction
Currently, ADA’s Average Directional Index (ADX) indicates a value of 16, reflecting weak momentum that may be hindering its recovery. Furthermore, ADA is trading beneath the 200 Exponential Moving Average (EMA), contributing to its sluggish performance.
Assuming ADA can maintain its position above the $0.745 threshold, there exists a potential for a 10% increase, targeting the $0.85 mark. In contrast, breaching below the $0.74 support could likely lead to a 10% decline, pushing prices down to $0.65.
Source: TradingView
A look at inflows and outflows
Investor sentiment appears mixed in the aftermath of recent market events. On-chain metrics from Coinglass show that exchanges recorded inflows of $7.35 million in ADA tokens shortly after the Bybit hack, followed by a subsequent outflow of $6.50 million. This reflects a dual dynamic of accumulation and distribution among investors.
Source: Coinglass
Further insights from IntoTheBlock reveal that large transaction volumes for ADA have decreased by 8%, indicating waning whale activity amid market uncertainties.
Given the mixed signals from on-chain analytics and ADA’s positioning near critical support at $0.74, this area remains significant. A decisive move beyond this level will likely dictate the asset’s forthcoming direction.
Conclusion
In summary, Cardano is presently navigating a pivotal moment, balancing its historical trendline support against the backdrop of recent market volatility. Maintaining the $0.745 support level will be essential for potential upward movement, while dips below this threshold could suggest adverse price action. As always, investors should remain vigilant as market dynamics evolve.
