ADA, Cardano's Native Token, Remains Stable

input: ADA, Cardano's native token, remains stable after a major shift in market sentiment following Treasury Secretary Scott Bessent's bold statement. The ADA price is holding steady

The price of ADA, Cardano’s native token, remains stable despite a major shift in market sentiment following Treasury Secretary Scott Bessent’s bold statement.

Cardano (ADA) Price Momentum

At press time, ADA is trading at $0.657 and has recorded a 0.50% increase in the past 24 hours. However, during the same period, the asset’s trading volume jumped by 10%, indicating heightened participation from traders and investors compared to the previous day.

Cardano (ADA) Price Action and Upcoming Levels

As its price continues to consolidate between $0.635 and $0.682, ADA’s price remains near the key support level of $0.635, where it has held for the past week. According to expert technical analysis, the price is expected to remain in this narrow range until it breaks out or breaks down from the consolidation.

If the ADA price breaches the upper boundary of the zone and closes a daily candle above $0.69, it could witness a 20% rally in the future and reach the $0.85 mark.

Conversely, if ADA breaches the lower boundary of the zone, its price could crash, potentially dropping by 25% to 28% and reaching its key support at $0.45.

This price analysis of ADA shows that the current consolidation is playing a key role in determining ADA’s upcoming levels.

Also Read: Solana Price Prediction: Potential Rally to $180 as SOL Finds Strength in Whale Buys

$8.15 Million Worth Of Bearish Bet

Looking at ADA’s market structure, traders appear to be strongly betting on the short side, according to the on-chain analytics firm Coinglass.

As of press time, traders are over-leveraged at $0.648 on the lower side, where they have built $4.21 million worth of long positions.

On the other hand, $0.674 is another over-leveraged level on the upper side, where traders have built $8.15 million worth of short positions.

These over-leveraged positions indicate the current market sentiment, which appears to be bearish. However, a clearer picture will only emerge once the consolidation phase breaks.