3 Key Reasons Why $ADA Price Will Defend $0.30 Bottom Support - CoinGape Analytics

Cardano (ADA) saw a 3.5% rise on Sunday, trading at $0.336 with a market cap of $12.7 billion. Despite this uptick, ongoing bearish pressure from Bitcoin’s price drop below $55,000 might extend the altcoin market’s correction. ADA’s price, having corrected 58.7% from $0.81 to $0.334 over six months, is now testing the $0.30 support level.

Charles Hoskinson, Cardano’s CEO, opposed a proposal to burn 1.5 billion ADA tokens, emphasizing that the treasury funds are crucial for ecosystem growth. This stance aims to maintain fairness and support for Cardano’s development.

On-chain data reveals a surge in Cardano’s active addresses to a five-month high of 54,780. This increased activity suggests stronger network participation, potentially driving demand. If ADA’s price holds the $0.30 support, it could rebound and target $0.51, similar to previous recoveries.