- Cardano (ADA) trades near $0.84 after repeated failures to break above $0.90 resistance.
- Net outflows of $6.88 million on August 29 highlight persistent selling pressure.
- ADA’s exclusion from the U.S. blockchain initiative raises concerns about institutional adoption.
- Support lies between $0.81–$0.77, with a deeper safety net at the 200-day EMA ($0.74).
- Bulls need a breakout above $0.91 to revive momentum toward $1.02.
Cardano Price Struggles Near Resistance
Cardano (ADA) is currently trading near $0.84, slipping after multiple rejections at the $0.90 level. Despite moving within an ascending structure, ADA faces challenges as selling pressure intensifies and optimism fades following its exclusion from the U.S. government’s blockchain initiative.
On the daily chart, ADA remains locked in a consolidation band, capped by $0.86–$0.90 resistance. Support is layered between $0.81 and $0.77, aligning with the 50- and 100-day EMAs. The RSI near 56 suggests cooling momentum without entering oversold territory, while the 200-day EMA ($0.74) provides deeper structural support if downside pressure continues.
Also Read: Solana Price Prediction: Golden Cross Signals Breakout Toward $300
Outflows and Policy Snub Add Headwinds
ADA’s struggles are compounded by net outflows, with $6.88 million withdrawn on August 29 alone. This extends a bearish trend seen throughout August, pointing to waning confidence among institutional players.
Adding to the pressure, the U.S. Commerce Department included Bitcoin, Ethereum, and Solana in its blockchain data initiative but left out Cardano. This omission sparked debates on ADA’s relevance, with some analysts suggesting the project risks falling behind its rivals in institutional credibility.
Also Read: Ethereum Price Prediction: Could ETH Reach $10,000 in 2025?
Contrasting Views: Bulls vs. Bears
Bulls argue ADA’s consolidation above $0.80 reflects resilience despite negative headlines. Defending this base could fuel a rebound toward $0.90 and eventually the $1.02 July peak, a key psychological barrier.
Bears, however, see persistent outflows and exclusion from government policy as structural weaknesses. A breakdown below $0.81 could trigger declines toward $0.74 (200-day EMA), with an extended slide risking a drop to $0.65, last tested in June.
Cardano Short-Term Outlook: Can Support Hold Into August 30?
For the short term, ADA’s price prediction hinges on whether buyers can hold the $0.84 level. If bulls defend this zone, ADA could retest $0.90, and a close above $0.91 would flip the supertrend bullish, targeting $1.02.
Failure to maintain support at $0.83–$0.81 would expose ADA to deeper losses toward $0.77–$0.74, where critical longer-term support lies. Traders are now eyeing $0.90 as the key pivot that will decide whether ADA rebounds or extends its decline.
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