Cardano Price Struggles To Maintain Key Support, Will It Hold?

Current market data shows that Cardano (ADA) price is under pressure. The digital asset is fighting to hold above the $0.68 support level.

The coin has been moving downward in recent trading sessions, breaking past important price levels and showing weakness.

Unfortunately, futures market data and liquidation numbers also paint a mixed picture for traders, while market sentiment remains divided.

ADA Price Struggles to Hold the $0.68 Level

It is worth mentioning that the recent slide in Cardano’s price has brought the $0.68 support level into focus.

According to market trends, ADA price broke below the $0.70 and $0.720 marks earlier in the week, triggering a bearish response from the market.

Per the update, a drastic decline followed, breaking a key trendline that had previously supported upward moves.

The coin found some short-term relief at $0.6626, but signs of consolidation suggest that any bounce may be limited.

Technical indicators confirm the pressure. ADA trades under its 100-hour simple moving average, and the hourly MACD is still in the red zone.

The Relative Strength Index has also dipped below the neutral 50 mark. This means that momentum is tilted to the downside.

Resistance is now at $0.6720, close to the 23.6% Fibonacci retracement of the latest drop.

A stronger barrier is $0.6825, marking the 50% retracement level. Unless ADA price clears these levels, the short-term outlook may remain weak.

Based on market perception, if Cardano price fails to hold above $0.6625, the next key support is $0.650.

A drop below that could trigger further losses, with downside risks increasing. CoinMarketCap data shows it is trading at $0.6793, down by 2.50%.

Cardano Price and Open Interest Send Mixed Signals

As of this writing, the futures market has a mixed outlook. Total open interest in Cardano futures, spread across several platforms, stands at $829.73 million.

Crypto exchange giant Binance leads with $196.61 million. This accounts for nearly a quarter of the total.

Gate follows closely with $129.65 million, followed by Bybit with $115.41 million. Notably, Bitget and OKX with $141.26 million and $54.10 million, respectively.

Despite the price drop, Binance saw a 2.06% increase in open interest over 4 hours. Bybit recorded a 1.57% rise, while Bitget also gained slightly.

This indicated that some traders are still betting on a rebound. On the other hand, OKX and Gate posted slight declines, showing varied sentiment between platforms.

Long-to-short ratios show more traders favoring long positions, especially on Binance where the ratio is 2.57.

Yet liquidation figures paint a clearer picture of recent market dynamics.

Over $900,000 in long positions were wiped out in 24 hours, while only around $140,000 in shorts were liquidated.

This suggests bullish bets are getting caught on the wrong side of the trade.

Is Cardano a Sell at the Moment?

Of course as a result of the recent price action and futures data, traders are right to ask whether Cardano is a sell.

If for any reason, the digital asset price has broken below several support levels. With technical indicators not showing any strong signs of recovery yet.

Still, external events continue to influence market sentiment.

Cardano was included in President Trump’s Q1 2025 cryptocurrency reserve update, adding long-term relevance.

Grayscale’s ETF filing involving ADA is still in review, but delays have added uncertainty.

While institutional recognition offers potential support down the road, the short-term picture is less promising.

Cardano price may face further drops if it fails to hold key levels. However, it remains a risky asset for traders focused on immediate returns.