Cardano Down 4% In A Week: What Is Going On With ADA?

Despite Cardano's ADA/USD 4% decline over the past week, crypto traders and community developments paint an optimistic picture for the altcoin’s near-term future.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Cardano ADA/USD	$1.07	$37.5 billion	-1.8%	-4.2%
TRON TRX/USD	$0.282	$24.3 billion	-0.95%	-3.2%
Avalanche AVAX/USD	$49	$20 billion	-2.9%	+0/08%

Trader Notes: Crypto trader Cantonese Cat noted that ADA's weekly close signals potential for significant upward momentum.

Similarly, Rose Premium Signals highlighted a symmetrical triangle pattern on Cardano's daily chart, which suggests a bullish breakout may be imminent.

With the price hovering near a key support zone at $0.9168, this could present a prime buying opportunity.

Projected breakout targets include: $1.4594, $1.7574 and $2.0387. The trader advises placing a stop loss below $0.89 to mitigate risks.

Technical Analysis for #ADA/USDT:$ADA The daily chart indicates the formation of a symmetrical triangle, suggesting a potential breakout in the bullish direction. The current price at $1.059 is near the lower support zone. Key support lies at $0.9168, presenting an ideal buying… pic.twitter.com/VSnqwO2a0F

— Rose Premium Signals 🌹 (@VipRoseTr) December 14, 2024

Statistics: IntoTheBlock data shows Cardano's large transaction volume and daily active addresses increasing by 0.4% and 3.7%, respectively. Large transaction volume are up from 1,201 to 1,480 in a single day.

With Cardano up 38% month-over-month, around 66% holders are in profit and 9% at breakeven.

Community News: Cardano's co-founder, Charles Hoskinson, expressed his vision for 2025, foreseeing a flourishing ecosystem with numerous projects and developers contributing to the blockchain.

Hoskinson emphasized the importance of embracing innovative features like Hydra, Partnerchains, and Leios, which will enhance Cardano's usability and scalability. He views these advancements as critical for positioning Cardano as the backbone of global economic, political and social systems.

"This vision is ambitious yet achievable through collective effort and unwavering commitment," said Hoskinson on X on Saturday.

Read Next: 

• Here’s How Much $100 Invested In Cardano Today Could Be Worth If ADA Hits New All-Time Highs

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