Cardano price dropped 4.68%, with Bollinger Bands on the 12-hour chart tightening, signaling potential volatility ahead.
By Bhushan Akolkar
Updated
2 mins read
As the broader crypto market sees some selling pressure, Cardano’s (ADA) price has also tanked 4.68% today, slipping to $0.7325 levels.
Over the past week, ADA has seen sharp swings in between the lows of $0.69 and the highs of $0.77. The technical chart for ADA shows that some major volatility is brewing.
As Cardano’s price remains range-bound, popular crypto analyst Ali Martinez highlighted a major technical signal on the 12-hour ADA chart. According to Martinez, the Bollinger Bands are tightening, indicating that a sharp increase in volatility may be imminent.
Currently, Cardano is trading within a defined channel, with critical levels at $0.77 and $0.69. A breakout above $0.77 could signal a bullish move, while a breakdown below $0.69 might lead to further downside. Traders are closely watching these levels for ADA’s next major price direction, noted Martinez.
Last week, Cardano whale activity increased, with ADA whales purchasing 190 million coins. However, this has not triggered any significant upside for ADA.
The on-chain data has also turned weak with today’s ADA price drop. According to Coinglass data, ADA futures open interest has tanked over 7.65%, slipping under $800 million.
From the peak of $1.50 billion in January 2025, ADA open interest has dropped by nearly 50%. The 24-hour liquidations have increased to $2.83 million, with $2.59 million in long liquidations.
Warren Buffet-backed Numbank has recently expanded its crypto portfolio, including Cardano, along with several other altcoins. Nubank, with a user base exceeding 90 million, generated US$8 billion (AU$12.7 billion) in revenue in 2023, cementing its position as the world’s highest-earning neobank.
In another similar development, Interactive Brokers, a prominent brokerage firm, has broadened its cryptocurrency trading services to include Cardano alongside other digital assets. This development is anticipated to enhance liquidity and expand trading opportunities for ADA, potentially impacting its market dynamics.
Cardano is gaining attention as part of the expanding ETF narrative. With the U.S. SEC currently reviewing pending ETF applications, ADA’s inclusion in this conversation could mark a pivotal moment, potentially driving a significant price turnaround in the near future.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.