Cardano’s ADA is holding near a critical $0.25 support level, a zone analysts note has sparked significant rallies in the past. The token traded at $0.273 on May 9, with derivatives activity showing increased volume and open interest, suggesting stronger market demand.
Cardano’s ADA is trading at $0.273, showing a daily gain of over 3% and a weekly increase of nearly 10%. Trading volume has risen to approximately $474 million, according to CoinMarketCap data.
Analyst Ali Martinez highlighted the importance of the $0.25 support zone, noting it preceded major gains in 2023. “If ADA continues to support at this level, his first target is $0.36,” he stated, with a secondary target at $0.53.
The first key resistance level is seen at $0.3119, with further resistance at $0.3508. Coinlore data indicates a recent short-term support level at approximately $0.248.
Derivatives markets show heightened activity, with futures volume up over 10% to $602 million. CoinGlass data also reports open interest climbing to $557 million.
On the daily chart, ADA trades above its 20-day and 50-day Exponential Moving Averages. The price remains below the 100-day and 200-day EMAs, which stand at $0.2846 and $0.3659 respectively.
Technical indicators show ADA trading in the upper zone of its Bollinger Bands. Analysts are watching for a break above the $0.3119 resistance to confirm a stronger recovery structure.
