- Cardano price has plunged and is hovering near its lowest level since 2023.
- The total value locked of its decentralized finance ecosystem has tumbled.
- Cardano will launch the Midnight mainnet either on Monday or Tuesday.
Cardano price continued its sell-off today, March 29, and is hovering near its lowest level on record as demand waned and its ecosystem growth stalls.
ADA token has dropped to $0.2410, its lowest level since October 2023 and 82% below the highest point in 2024. So, will the token rebound ahead of the Midnight mainnet launch?
Cardano Price Crash Continues Ahead of the Midnight Mainnet launch
ADA price has slumped in the past few weeks as demand from investors and developers has waned.
Data compiled by DeFi Llama shows that the total value locked (TVL) in its ecosystem has continued falling this month. It now stands at over $133 million, which is smaller than most chains, including newer networks like Plasma and Monad.
While Cardano has benefited from the ongoing USDCx incorporation, the amount in the network remains substantially lower than in other networks. Cardano has a stablecoin supply of $47.7 million, a tiny amount considering that the industry has over $300 billion in assets.
The next important catalyst for Cardano price will be the upcoming Midnight mainnet launch, which will likely happen on Monday or Tuesday. In a statement, Charles Hoskinson has insisted that he will launch the mainnet launch in the first quarter, which ends on Tuesday.
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The mainnet launch comes a few days after Monument Bank said that it will tokenize deposits worth over ÂŁ250 million of retail deposits on-chain through the network. This is a major integration as Monument is a fast-growing bank with over ÂŁ5 billion in assets.
Cardano hopes that Midnight’s partnerships, who include blue-chip companies like Worldpay, Bullish, Google, and MoneyGram, will bring more developers to the network. Still, the main risk is that some of the biggest players in the crypto industry, like Aave and Uniswap, have not announced their partnership.
ADA Price Technical Analysis
Cardano price chart | Source: TradingView
The weekly timeframe chart shows that the ADA price has slumped in the past few years. Its recent crash started in November 2024 when it peaked at $1.3270 to the current $0.2415, its lowest level since 2023.
Cardano price remains below all moving averages and the key support level at $0.2712, its lowest level in August 2024. The coin has constantly remained below the 50-week and 100-week Exponential Moving Averages (EMA).
The Average Directional Index (ADX) has jumped to 34, its highest point since February 2025. That is a sign that the coin’s bearish momentum is continuing.
Therefore, the token will likely continue falling, potentially to the key support level at $0.200. On the flip side, a move above the key resistance level at $0.3500 will invalidate the bearish outlook.
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