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The Cardano price climbed 3% in the last 24 hours to trade at $0.7384 as of 5:02 a.m. EST, despite a 22% drop in trading volumes to $970 million.
As the ADA price rises, the Cardano token holders have okayed a treasury withdrawal of 96,817,080 ADA ($71.6 million) for the 2025 Input Output Engineering (IOE) Core Development Proposal.
The approval marks the first time Cardano’s community has explicitly sanctioned core engineering spend through governance, rather than relying on pre-agreed budgets or foundation allocations.
Before the news broke, ADA had fallen by 11% over the past week. Now, with the IOE signaling promising progress toward stronger decentralization, the question remains: can the Cardano community rally to drive the price up?
Cardano Price At A Crossroads: Will Bulls Take The Reins Or Fade At Resistance?
After rallying strongly from a low of around $0.32 to a peak near $1.30 in late 2024, the ADA price entered a prolonged correction within a falling channel pattern (highlighted by the ABC corrective wave structure), which resolved with a bullish breakout.
The Cardano price action indicates a minor pullback after this recent rally, with ADA currently trading at $0.7384. ADA is resting just above the 200-day Simple Moving Average (SMA), a critical support line, and slightly above the 50-day SMA.
These levels are converging, indicating a potentially significant support area in the $0.68–$0.73 range, as GeckoTerminal data shows.
Fibonacci retracement levels indicate that ADA has respected the 0.618 ($0.6961) and 0.5 ($0.8118) retracement levels as recent areas of consolidation and resistance. The rejection from the 0.382 retracement level near $0.9276 further confirms this zone as an important resistance area.
Meanwhile, the Relative Strength Index (RSI) is currently at 48.24, positioning ADA in neutral territory. This suggests that the market is neither overbought nor oversold, leaving room for movement in either direction.
ADA Price Prediction
The IOE announcement could be a positive catalyst for the price of Cardano, and the ADA/USD analysis shows early signs of transitioning from a prolonged downtrend into a potential accumulation or early uptrend phase.
If ADA holds above the 200-day SMA and regains momentum, the first key resistance lies at the $0.81 level (0.5 Fib retracement), followed by $0.9276 and $1.07.
Meanwhile, the Chaikin Money Flow (CMF) stands slightly positive at 0.06, indicating some accumulation. While not overly bullish, this suggests that buying pressure is slightly outweighing selling pressure, which may be a positive sign for the Cardano price in the coming days.
Conversely, failure to hold the $0.68 support would invalidate the bullish structure and likely see a return toward $0.60 and potentially even the $0.53 level (0.786 retracement).
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