Cardano is trading at $0.8751 with a market cap of $31.26 billion. Its price went up by 2.63% in the last 24 hours. Trading volume hit $1.15 billion, but that’s still over 33% lower than before, showing that traders are being cautious even though the price is rising.
Price action is consolidating in the $0.82 to $0.84 range, a zone repeatedly tested in recent sessions. If this support fails, analysts warn of possible declines toward $0.77. Holding above this range, however, could offer bulls a platform to attempt recovery toward $0.90.
Trading volume shows weakness. Buyers don’t step in strongly when the price bounces, while sellers come in heavier during pullbacks. This imbalance shows demand is low, which keeps ADA under pressure. Without bigger inflows, it’s hard to hold on to gains, even though the overall trend still shows some strength.
Cardano ETF delay sparks caution among traders
The SEC postponed its decision on Grayscale’s Cardano ETF until October 26. This delay has made investors more cautious. Delays like this are common, but the long wait leaves ADA traders looking for clarity, especially since big investors are still tying their interest to a possible ETF approval.
The delay has already put short-term pressure on the market. Traders now see the $0.82 support level as very important. If the price falls below it, selling could pick up speed. But if ADA holds this level, it would show strength and give the market a chance to stabilize before trying to climb higher again.
Despite the market’s current weakness, the long-term outlook remains unchanged. Final approval could still boost ADA’s position in institutional markets. For now, however, traders are staying cautious. Buyers are focusing on immediate support levels instead of targets that depend on distant regulatory decisions.
Analysts eye $0.83 support as market cautiously awaits recovery
Analyst Ssebi notes that ADA still trades inside a falling channel, with lower highs limiting the upside. Yesterday’s rally at $0.86 from the support line of the channel failed as the buyers have not maintained a strong breach on the upside. That exposes ADA to additional tests on the lower side.
Mr Brownstone takes a more positive stance and points out that the weekly chart still holds above the Ichimoku Cloud. He says that if ADA consolidates above the $0.83 range, the setup leaves room for another move higher. His outlook stands in contrast to the broader cautious mood around ADA.
Melon points out that ADA’s on-chain activity has dropped to its lowest level in three years. Wallet usage, trading, and fee generation all remain quiet. In the past, similar slowdowns often came before rebounds, hinting that ADA might be forming a bottom. If history repeats, this calm phase could set the stage for a recovery.
