Activity in the cryptocurrency market remains high, with recent price developments in Cardano (ADA) drawing the attention of investors. Blockchain analyst Ali recently highlighted on social media that the $0.25 level has historically served as a key long-term support for the ADA price. Cardano is once again testing this level, and the analyst reminded followers that significant rallies have previously begun at this point.
Critical price levels and possible scenarios
According to Ali’s analysis, a review of Cardano’s monthly chart reveals that the $0.25 price level formed a solid support base during two previous periods. In January 2023, ADA rebounded sharply from this level, delivering an 88.27 percent gain in a short period. Similarly, in September 2023, the price increased by 243 percent after touching the same support. With ADA once again approaching $0.25, investors are watching closely to see if this zone will fuel another rally.
The analyst suggests that if support at $0.25 holds, Cardano could rally towards $0.36 and potentially to $0.53 in the near-to-mid-term. However, if the price slips below $0.25, the market structure may shift, raising the possibility of a deeper correction.
Ali projected, “If Cardano maintains support at $0.25, it could climb step by step to $0.36 and then $0.53. But a close below $0.25 could open the door to a stronger correction.”
Current price action and market impact
Live market data shows ADA rising 5.02 percent in the past 24 hours to reach $0.272. On a weekly basis, ADA has gained 11 percent. According to data from CryptoAppsy, the current trading price for ADA stands at $0.272. The general uptrend has been supported by bullish momentum in global stock markets and increased risk appetite. Notably, US employment data released on Friday also boosted altcoin prices. The US economy added 115,000 new jobs in April, far exceeding expectations, while the unemployment rate held steady at 4.3 percent.
Investors are optimistic that if macroeconomic indicators continue to show strength, major altcoins like Cardano could see further upward movement.
Technical updates on the Cardano network
Samuel Leathers, a leading figure in the Cardano community, shared an update on the network’s technical status. As a technical lead within the Cardano development team, Leathers announced that the Daedalus wallet had smoothly passed the Van Rossem hard fork preview. A new mainnet version compatible with the hard fork is scheduled for release in the coming week.
In addition, the governance phase of the Van Rossem Hard Fork was introduced to Cardano’s testnet this week. The ecosystem’s joint governance body, Intersect, stated that approval for the fork decision is expected at the beginning of the next epoch. According to the timeline, this should occur on May 8.
Another noteworthy development in the Cardano ecosystem this week has been the release of Cardano Node version 11.0.1 in preview form, as well as a test release of DB-Sync 13.7.0.5. These updates are designed to further stabilize and improve the network.
