Cardano is trading around $0.82 at the time of writing, holding above the $0.80 support base while testing resistance from its multi-week descending structure. With ADA outflows signaling renewed selling pressure but ecosystem tokens gaining traction, traders are watching closely for a breakout attempt toward $0.88.
Cardano Price Consolidates In Symmetrical Triangle
The 4-hour chart highlights ADA consolidating inside a symmetrical triangle, with the $0.83–$0.84 range acting as immediate resistance. The 20, 50, and 100 EMAs cluster tightly around $0.82–$0.84, creating a congestion zone.
Parabolic SAR dots are beginning to flip underneath price action, suggesting an early attempt at momentum recovery. Still, a decisive close above $0.84 is required to validate a bullish breakout, while support at $0.80 remains critical for preventing downside continuation.
On-Chain Flows Reveal Renewed Outflows
On-chain data shows $1.03 million in net outflows on September 6, underscoring cautious sentiment. Persistent outflows over the past month highlight ongoing selling pressure as traders rotate capital into other assets.
Analysts note that sustained outflows tend to cap upside momentum, though the relatively modest scale suggests selling pressure is not yet overwhelming. Maintaining support near $0.80 will be key to stabilizing sentiment.
Ecosystem Buzz As SNEK Leads Global Trend
Cardano’s top meme project, SNEK, surged to become the number one trending token globally, according to CoinMarketCap data. The project reached a market cap of $279 million with strong DEX liquidity and rising transaction activity.
The breakout performance of SNEK underscores how Cardano’s ecosystem narratives are capturing market attention, even as ADA itself struggles under macro pressure. Traders often view these ecosystem-driven catalysts as sentiment anchors that can help sustain ADA’s mid-term recovery potential.
Hoskinson Pushes Back Against $600M Allegations
Controversy resurfaced after Charles Hoskinson revealed that Cardano was excluded from key industry discussions due to false allegations of a $600 million token theft. An independent audit previously cleared these claims, confirming that the funds were redirected to the Intersect governance trust.
Hoskinson’s remarks highlight the reputational challenges Cardano continues to navigate, especially in an industry still scarred by collapses such as Luna and FTX. Restoring full institutional confidence may take time, but the clearance adds credibility to ADA’s long-term positioning.
Related: Cardano Price Prediction: ADA Eyes $0.92 Recovery As Wyckoff Cycle Sparks Debate
Technical Outlook For ADA Price
Cardano’s immediate roadmap centers on whether the price can break the $0.84 resistance cluster. A clean move above this threshold would open the path to $0.88 and $0.92, with the broader $1.00 level as the bullish extension.
Failure to reclaim $0.84, however, risks exposing ADA to $0.80 once again. A breakdown below $0.80 would likely trigger a slide toward $0.76, where stronger historical support sits.
Outlook: Will Cardano Go Up?
ADA remains in a critical consolidation phase where both technical compression and external narratives are shaping sentiment. The SNEK rally has injected fresh ecosystem optimism, but persistent outflows and reputational headwinds weigh on broader adoption momentum.
As long as Cardano holds above $0.80, the bias leans toward eventual upside, with $0.88–$0.92 as the first key hurdles. Without stronger inflows and ecosystem follow-through, however, ADA may remain capped under the $1.00 mark in the near term.
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