As the sell-off deepens, the global digital asset market has fallen 2.35% over the last 24 hours. This has pushed investors to take a cautious look at their portfolios to determine which coins to retain and which to sell off. Cardano (ADA) has trailed this path to drop by 2.87% within this time, but market indices signal a potential bullish rally ahead.
ADA’s volatility persists, but support holds
Per CoinMarketCap data, ADA is currently changing hands at $0.5750. This level represents a notable bounce from the previous low of $0.538 it hit in trading earlier in the day.
The coin suffered intense volatility, sliding deep to test the $0.50 support level after hovering around $0.5216 in the last seven days.
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Though still plagued by fluctuations, the current rally represents a significant improvement in Cardano’s future outlook. Some market participants consider ADA to be consolidating, and buyers might soon rekindle interest if volume supports the market around the asset.
Interestingly, on-chain platforms monitor whale activities and buying behavior amid the bearish market shift. Some have spotted significant movement toward ADA, which could become a trend in the coming days.
Whales are currently reassessing their portfolios, and Cardano has proven to be an asset historically favored by large buyers. If these investors see the current price level as a good discount, it might attract more decisive accumulation moving forward.
Could Coinbase’s listing catalyze momentum?
As these whales anticipated, an uptick in interest from Cardano investors could support the coin’s rebound toward reclaiming $0.60 in the short term.
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Although trading volume has been down 0.44% to $1.47 billion in the last 24 hours, consistent buy action from current levels could lift the price from its current state.
Furthermore, Coinbase’s listing of ADA, a major U.S. exchange for institutional embrace, could shift the dynamics for Cardano. The listing is significant because it also caters to retail investors.
