Cardano (ADA) is capturing renewed interest, bolstered by rising trading volumes and expanding market engagement. Bitcoin is struggling above its key support level, which has impacted the overall market to catch a bullish reversal, including altcoins.
At the time of writing, ADA is trading at $0.8242 with a 24-hour trading volume of $764.89 million and a market capitalization of $29.46 billion. The ADA price over the last 24 hours is showing stability, but over the last week it is up by 1.74%.
Source: CoinMarketCap
Also Read: Cardano (ADA) Eyes Breakout as $0.80 Support and ETF News Boost Momentum
According to the crypto analyst, Zyvio, Cardano’s native token, ADA, is trading at a key support region around the level of the $0.80 threshold, identical to the 50% Fibonacci retracement level.
The area has made itself a key battleground for bulls and bears following ADA’s latest upward charge. Technical indicators, particularly the MACD, suggest that bearish momentum is slowly fading, suggesting potential new bullish momentum if the level is maintained.
The 200-day Simple Moving Average (SMA) at $0.726 is holding long-term support, serving as insurance for investors checking ADA’s broader trend.
As long as the token manages to hold its position above $0.80 and cross above $0.856 resistance, analysts believe it would pave the way toward the psychological $0.90 level, a price target that could ignite more buying momentum.
Source: X
On the other hand, a breach of the $0.80 level would set ADA up for a downslide, and the subsequent probable support level would be around $0.76. A fall below that level could shift market tone, showing bears remain in control and delaying any major rally attempts for the near term.
Beyond short-term price action, Cardano’s ecosystem is steadily expanding, seeing growing momentum inside DeFi and Web3 projects. The network is viewed like a contending alternative to Ethereum and Solana because of frequent upgrades and rising developer participation.
Derivatives activity has considerably dropped. 24-hour volume decreased by 22.07% to $2.09 billion, and open interest (OI) fell by 2.55% to $1.56 billion, both of which indicate lowered participation by spot and derivatives traders.
Source: Coinglass
Conversely, the OI-weighted funding rate is just 0.0087%, signifying a more cautious derivatives market environment. The close-to-level rate suggests that investors are reluctant to initiate aggressive long or short positions.
Source: Coinglass
Also Read: Cardano (ADA) Price Eyes $1.47 to $1.79 After Strong Market Momentum
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