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Cardano (ADA) is trading steadily around $0.57, as markets show signs of recovery. Despite a slight dip in the past day, interest in ADA is picking up again driven by rising trading activity and positive ecosystem developments.
Coinbase Launches cbADA on Base
In a latest update, Coinbase has launched cbADA, a wrapped version of Cardano’s ADA token on the Ethereum Layer 2 chain, Base. This allows Cardano users to tap into a wider range of DeFi protocols. This move is part of Coinbase’s broader push to unify liquidity across blockchains, after its earlier launches like cbETH and the recent cbLTC for Litecoin.
Backed 1:1 by ADA held in Coinbase custody, cbADA comes with full proof-of-reserves for transparency. This move could boost ADA’s presence across DeFi platforms like Uniswap, PancakeSwap, and Aerodrome.
On-Chain and Derivatives Activity Surge
ADA’s fundamentals are also showing strength. Its trading volume is close to $600 million, while open interest in Cardano futures jumped to 1.2 billion ADA. The Midnight Glacier airdrop has also sparked fresh interest in Cardano, with over 200,000 mentions on X in a week.
Currently, ADA is holding strong near $0.57, with solid support at $0.51. While it may revisit $0.51, it could present a prime buying opportunity for long term holders.
Analyst Sees $2 ADA in Sight
According to analyst Dan Gambardello, Cardano is setting up for a major move, with $2 as the next big target. It is following a familiar path from the last bull cycle. If history repeats, a quick rally from around $0.59 to $2 could happen in weeks or a few months.
Although a dip to $0.30–$0.40 is still possible but that would be normal before a breakout. He believes this cycle is even stronger than the last, with lower interest rates, rising adoption, and pro-crypto regulation.
Technical Indicators Remain Cautious
Technical indicators show a cautious picture for ADA. Most moving averages are flashing sell signals. The RSI sits at 36.32, close to oversold levels, which shows that a bounce may come soon. ADA is still down 65% from its all-time high of $3.09, and investors are watching closely for either a recovery or another dip.
Over the past few days, ADA has attempted to push higher but is facing resistance around the $0.58 level. Buyers will need to step up for ADA to continue its rebound. A clean move above $0.60–$0.62 could open the door for further upside.