Red alert: Rising Cardano price has formed a risky pattern
2025-07-03 21:54:09
Main Idea
Cardano's price rose significantly, reaching its highest level since June 18, driven by a key development from Fluid Tokens, but it still faces challenges due to its relatively inactive ecosystem and technical indicators suggesting a potential bearish breakout.
Key Points
1. Cardano's price increased by over 17% from its June lows, reaching $0.60, and its market capitalization surpassed $21 billion.
2. Fluid Tokens conducted the first on-chain transaction proving the Bitcoin state on Cardano, marking a significant development for the ecosystem.
3. Cardano is often labeled a 'ghost chain' due to low activity, with DeFi total value locked at less than $318 million and stablecoin supply around $31 million.
4. Technical analysis indicates a potential bearish breakout, with the price currently below its 50-day and 100-day moving averages and a possible decline to $0.519 if the breakdown occurs.
Description
Cardano price rose for the second consecutive day on Thursday, July 3, as most cryptocurrencies rebounded. Cardano ( ADA ) jumped to a high of $0.60, gaining over 17% from its June lows and reaching its highest level since June 18. The move pushed Cardano’s market capitalization above $21 billion. The rally followed a key development from Fluid Tokens, which conducted the first on-chain transaction proving the Bitcoin ( BTC ) state on Cardano. In their announcement, the developers noted that thi...
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