Key Insights
- Cardano price holds firm near its multi-month ascending trendline as buyers defend the crucial $0.60–$0.63 range.
- On-chain data shows ADA outflows easing sharply, signaling improving sentiment and cautious accumulation among traders.
- Founder Charles Hoskinson emphasizes privacy innovation as Cardano shifts beyond Ethereum rivalry toward real-world adoption.
Cardano (ADA) traded near $0.63 on Saturday, holding steady above its multi-month ascending trendline. The token rebounded from a brief dip to $0.62, showing that buyers are actively defending the critical support region. This price action reflects renewed interest among traders after weeks of selling pressure.
The daily chart shows ADA trading well below key moving averages. The 20-day exponential moving average stands at $0.733, the 50-day at $0.785, the 100-day at $0.788, and the 200-day at $0.766. This close clustering of averages forms a compression zone that underscores the market’s current indecision. A decisive move above $0.70 would signal the start of short-term recovery momentum.
Technical Indicators Signal Stabilization
The Relative Strength Index has declined to 34, marking its lowest level since August and signaling that ADA is nearing oversold territory. A close above $0.65 could spark a short squeeze toward the $0.70–$0.73 range, while a drop below $0.60 may expose the $0.55 support zone. Despite the subdued momentum, ADA’s long-term ascending trendline remains intact, suggesting the broader uptrend is still valid.
Data from Coinglass reveals that ADA net outflows dropped sharply this week, with October 18 recording just $255,000 in withdrawals. This decline follows heavy outflows earlier in the month, signaling a shift from panic-driven selling to a more stable holding pattern. The easing pressure suggests traders are showing greater confidence in Cardano’s price stability.
Hoskinson Shifts Focus Toward Privacy Innovation
Cardano founder Charles Hoskinson recently emphasized the project’s shift away from competing with Ethereum. He highlighted Midnight, Cardano’s privacy-focused blockchain, as a key initiative aimed at balancing confidentiality with regulatory compliance. This renewed focus on privacy and interoperability aligns with Hoskinson’s vision for the next wave of blockchain development.
Cardano’s resilience near $0.63 and declining outflows indicate early signs of stability. If the price sustains above $0.65, ADA could attract new buying momentum toward $0.70 and beyond. However, maintaining its long-term support remains essential to confirming a lasting recovery trend.
