Cardano (ADA) Holds Critical $0.70 Support Amid Market Pullback

Cardano (ADA) has seen a sharp reversal after a strong rally, reflecting broader market profit-taking. After rising four consecutive days to hit $0.746 on April 24, ADA turned lower, logging two straight days of losses and facing a potential third. Despite the downturn, ADA has firmly defended the key $0.70 psychological level, suggesting bulls are still active in preventing a deeper decline.

Positioned between the daily SMA 50 ($0.674) and SMA 200 ($0.764), the $0.70 mark has become a crucial battleground for buyers and sellers. ADA’s resilience above this zone hints at underlying strength even amid volatility. If momentum returns, ADA could retest resistance at the 200-day SMA of $0.764, with a break above opening the path toward the $1 milestone. However, losing the $0.70 level could expose ADA to further drops, with support at $0.674 and then $0.60.

Meanwhile, Cardano’s ecosystem continues to expand. Input Output Global (IOG) reports 1,993 projects currently building on Cardano. Token activity remains vibrant, with 10.77 million native tokens minted under 212,489 token policies. Smart contract usage is growing as well, with 131,015 Plutus scripts and 6,492 Aiken scripts deployed. The network has processed over 108.73 million transactions to date. On the governance side, 1,261 DReps are registered, with 935 actively participating, reflecting steady growth in decentralized representation.

Cardano's technical and network fundamentals remain strong, keeping a potential rebound in play as market sentiment unfolds in the coming days.