Cardano price remained in a tight range despite achieving a major milestone this week. ADA token was trading at $0.245 on Saturday, its lowest point since October 2023 and 81% below its highest level in 2025.
Cardano Price Crashes After Midnight Mainnet Launch
ADA price remained under pressure today as the much-awaited Midnight mainnet launch failed to deliver it with the much-needed catalyst.
After years of development, the developers launched Midnight, a privacy-focused sidechain, which they hope will be the next big thing in the crypto industry.
In theory, this launch should have boosted ADA price because of the partnerships that Midnight made when it was in its testnet, including with Momentum Bank, which is bringing millions of dollars assets to the network.
Cardano likely remained under pressure because the mainnet launch was already expected as the developers had hinted that it would happen in the first quarter, which ended on Tuesday. This also explains why the NIGHT token price has plunged and is now hovering near its all-time low.
Additionally, market participants are likely waiting to see whether the hype developed in the past few months will lead to real growth in the ecosystem.
READ MORE: Bitcoin Price Prediction: Multiple Risky Patterns Form Ahead of NFP Data
Most importantly, the ongoing Cardano price action mirrors that of other cryptocurrencies, including popular names like Bitcoin and Ethereum, which have remained in a narrow range in the past few months.
Data shows that Cardano’s demand has largely dried. For example, the total value locked in the ecosystem has dropped to $132 million from a record high of over $700 million.
The stablecoin supply stands at just $48 million despite the recent introduction of USDCx, with the total transactions in the last 30 days being less than 1,000. Cardano’s total daily transactions have dropped to 23,460 from over 50k last year. Active addresses have slumped to 15k.
ADA Price Prediction: Technical Analysis
The weekly chart shows that ADA price has remained in a downward trend since November 2024, when it peaked at $1.3228 after Donald Trump’s election. It recently crashed below the key support level at $0.5060, its lowest level in February, April, and July last year.
Cardano remains below all moving averages, while the Stochastic Oscillator has dropped to the oversold level. The Average Directional Index (ADX) has jumped to 30, its highest point since February last year, a sign that the downtrend momentum is continuing.
Therefore, the most likely Cardano price prediction is bearish, with the next key target being the psychological level at $0.200. A drop below that level will point to more downside towards $1.50.
READ MORE: COIN Stock on Edge as Coinbase Wins Conditional Bank Charter
