Nasdaq’s recent move to broaden its crypto benchmark index from five to nine digital assets sent Cardano’s native token, ADA, climbing by 3% within a day, joining the ranks of XRP, Solana, and Stellar.
Throughout the night, ADA saw notable price swings, carving out an 8.8% trading band stretching between $0.66 and $0.72, per CoinDesk Research’s technical snapshot. At the time of writing, it was hovering near $0.6951.
Heightened Market Engagement
Trading action around ADA has surged, with volumes soaring 68% in just 24 hours—pointing to energized market players despite prevailing uncertainties. This fresh spotlight from Nasdaq’s endorsement could considerably boost Cardano’s attraction to more traditional money managers.
Crucial Support Level Shapes Short-Term Outlook
Experts highlight the $0.70 mark as a pivotal psychological barrier that appears set to influence ADA’s immediate price path, building on the token’s earlier upward momentum.
The broader crypto landscape, as captured by the CoinDesk 20 Index, has enjoyed a solid 4% uptick over the same timeframe.
Snapshot: ADA’s Technical Footprint
- Volatility was front and center for ADA during the last 24 hours, with the token swinging within an 8.8% corridor between $0.66 and $0.72 before retracting by 3.3%.
- Price movements charted a tangible upward trajectory from $0.67 up to $0.72, backed by robust volume around $0.68.
- The pullback from the $0.72 peak down to $0.69 likely signals traders locking in gains, with the $0.70 threshold acting as a critical psychological safety net.
Key Facts: According to recent data, Cardano ranks among the top 10 cryptocurrencies by market capitalization, with over 35 million ADA tokens in active circulation. Its network maintains a high level of decentralization supported by thousands of stake pools worldwide.
Disclaimer: Portions of this content were crafted using AI-assisted tools and have undergone thorough editorial review to ensure factual accuracy and compliance with our quality standards.
