The number of Cardano cryptocurrency wallets reached a record 5.4 million

Cardano ADA $0.59 Cardano -0.08% Market capitalization $21.41 billion VOL. 24 hours $59.84 million is trading at $ 0.6, which is 2% lower than a day ago. Despite the recent drop in price, the network is showing active development: the number of unique wallets has exceeded 5.4 million, and over 100 thousand new users have been added in the last 60 days.

Market activity remains high. According to TapTools, the number of ADA wallets has increased by another 400 thousand in a little over six months. Over the last day, the trading volume exceeded $ 700 million. The CoinMarketCap service rates the Cardano community’s mood as the seventh most optimistic among the top cryptocurrencies, with more than 81% of reviews being positive.

At the same time, ADA is under pressure, and its price dynamics show a downward trend. Over the past week, the rate has dropped by 13.4% - from over $ 0.70 to about $ 0.60. Most technical indicators remain neutral or bearish: RSI (Relative Strength Index) is 33.39, which is close to the oversold zone; MACD and Momentum are also in the negative zone. Only the CCI signals a possible upward reversal. Key moving averages, such as the 10-day EMA ($ 0.6324) and the 200-day EMA ($ 0.7097), are above the current price, indicating a strong downtrend.

Support at $ 0.60 is important. If ADA falls below this level, the next major support is at $ 0.57. If the level of $ 0.60 holds, it could rise to $ 0.66 in the short term, but a change in market sentiment is needed for a steady recovery.

The resistance zone of $ 0.75-$ 0.78 remains the highest barrier for ADA, which the token has repeatedly failed to overcome during previous rallies. Without a return to $ 0.62 and further growth to $ 0.70, there is a risk of further decline.

At the same time, some analysts point to the formation of a triple bottom pattern, which is a classic signal of a possible upward trend reversal. ADA is also within a downward wedge, which usually precedes a breakout. If the $ 0.60 level holds and the week ends with a strong upward signal, Cardano could gain additional momentum. Potential upside targets are $ 1.00, $ 1.21, and $ 1.43.