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Cardano (ADA) is one of the cryptocurrencies included in the Crypto Strategic Reserve. However, due to bearish market sentiment, it has been continuously struggling to gain momentum. Today, March 8, 2025, amid market uncertainty, the asset has registered a 5% price drop and has reached a crucial support level.
Cardano (ADA) Technical Analysis and Upcoming Levels
As ADA reaches a crucial support area, concerns are rising about whether the price will hold this level or fall below it due to bearish market sentiment. Let’s see what happens in the coming days.
According to expert technical analysis, the $0.81 level is a strong support zone with significant buying pressure and potential for a price reversal. If the current sentiment persists and the price falls, closing a four-hour candle below $0.81, there is a strong possibility of an 18% decline to $0.68. On the other hand, if ADA holds this level, it has the potential to rebound and surge by 35%, reaching $1.15 in the future.
At present, ADA is trading at the 200 Exponential Moving Average (EMA), which provides strong support and indicates that the asset is still in an uptrend.
Current Price Momentum
At press time, ADA is trading near $0.827, having registered a 5% price drop in the past 24 hours. During the same period, its trading volume declined by 10%, indicating lower participation from traders and investors compared to the previous day.
Despite market uncertainty, traders are currently over-leveraged at $0.804 on the lower side and $0.84 on the upper side, according to on-chain analytics firm Coinglass.
Additionally, these levels hold $9.11 million worth of long positions and $5.45 million worth of short positions, indicating that bulls are strong and could support the asset in holding this level.