March 2 News: Cardano (ADA) price remains volatile as March begins, currently trading near $0.27. Previously, ADA dipped to a key support level of $0.2676 and saw a slight rebound, but overall market sentiment still exerts some pressure on the price. Derivatives market data shows that ADA futures open interest decreased by 4.68% in the past 24 hours to approximately $453 million, while trading volume dropped 22.31% to about $919 million, reflecting a slight decline in market participation but no signs of panic selling.
Liquidation data indicates that total liquidations in the past 24 hours amounted to approximately $28.97 million, with longs accounting for $23.73 million. However, market sentiment remains bullish, with the long-short ratio still above 2.0. Meanwhile, funding rates stay positive at 0.0078%, suggesting that long traders are still willing to pay a premium to maintain their positions, which to some extent indicates optimism in the futures market regarding ADA’s price trend.
From a technical perspective, ADA is testing the upward trendline formed since the February low of around $0.24. The previous resistance at $0.2676 has now turned into support, signaling a positive short-term outlook. Technical indicators show the Parabolic SAR is near $0.2583, forming a secondary support zone. Resistance above is concentrated between $0.2771 and $0.2792, where multiple moving averages converge. A breakout above this range could target $0.30 and further test the super trend resistance near $0.3099.
On the 4-hour chart, ADA remains within an upward correction channel. If bullish momentum continues, the price could challenge $0.295, $0.305, $0.31, and $0.32 sequentially. However, a break below the $0.26 support zone could turn the short-term trend bearish, with next support levels at $0.25 and $0.245.
On the ecosystem front, new catalysts are emerging. The cross-chain protocol Wanchain has processed about $130 million in Cardano cross-chain transactions, with net inflows exceeding $80 million. Additionally, the stablecoin USDCx has launched on the Cardano network, backed by Circle’s USDC, aiming to provide stable liquidity for DeFi ecosystems.
March will also see several key upgrades, including the hard fork upgrade of protocol version 11 and improvements to the Plutus smart contract platform. Meanwhile, the privacy sidechain Midnight plans to go live on the mainnet. Asset management firm Grayscale has increased its allocation of ADA within its smart contract platform fund. On-chain data also shows that large wallet addresses have been accumulating ADA ahead of the upgrade, keeping the market highly attentive to Cardano’s price movement in March.
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