As most other altcoins and crypto in general, Cardano price didn’t have a good week. The price dropped 10% to $0.25. The broader crypto market sold off on ETF outflows, oil prices above $110, and rising Treasury yields. But analyst More Crypto Online posted a detailed 4-hour chart on May 18.
He says ADA is in a pullback, but a bullish scenario is still possible. Let’s break down his chart and tweet, then look at what’s happening in Cardano’s ecosystem.
What you'll learn 👉
More Crypto Online’s ADA Chart and Tweet Analysis
More Crypto Online shared a 4-hour ADA/USD chart with Fibonacci extensions and key support/resistance zones. Here’s what it shows.
Current price action: Cardano rallied from February lows near $0.18 to a peak around $0.38-$0.40 in April. Then it pulled back. The recent rally attempt failed, and price is now in a corrective pullback. The analyst describes the current structure as a three-wave pullback, which often signals a temporary pause rather than a full trend reversal.
Leading scenario (white): The analyst labels a “preferred white scenario” where the pullback remains corrective. As long as the upper micro support region between $0.257 and $0.249 holds, the bullish structure stays alive. If that support holds, ADA could extend upward toward the blue resistance region between $0.30 and $0.35. The Fibonacci levels on the chart show 100% extension at $0.299, 123.6% at $0.3176, 138% at $0.3293, and 161.8% at $0.3495. These are the upside targets.
Risk scenario: A sustained break below the $0.257-$0.249 support region would weaken the short-term bullish interpretation. That would increase the probability of a retest of the lower support region between $0.233 and $0.228. The chart also shows a 78.6% Fibonacci level at $0.2334 and an 88.7% level at $0.2275, which align with that lower zone.
Key ADA price levels summarized:
- Support: $0.257 / $0.249 / $0.233 / $0.228
- Resistance: $0.299 / $0.318 / $0.329 / $0.349
Bottom line from the analyst: Confidence in the bullish case remains relatively low at this stage. The price is in a pullback, but the white scenario remains valid as long as the upper micro support region holds. Traders should watch $0.257-$0.249 closely. A hold there keeps the upside alive. A break there opens the door to lower levels.
Cardano News Today – Not Much Happening
Our analysis shows Solana maintains the strongest on-chain momentum, driven by meme coin trading and institutional integrations. Cardano’s on-chain activity is different, to say the least.
Daily active addresses on Cardano are currently between 9,000 and 16,000. That is down significantly from the 2024 peak of 135,000 active addresses. User engagement is far below previous cycle highs.
However, one counter-trend is whale accumulation. Wallets holding at least 1 million ADA now control 67% of the total supply. That is the highest concentration since July 2020. Large holders keep adding while retail activity slows down.
Other than this, not much is happening in Cardano’s ecosystem. No major protocol upgrades, no high-profile partnerships, no explosive DeFi growth. The price action is driven more by broader market forces than by Cardano-specific news.
Why the market is down: Bitcoin lost the $80K level and now trades near $77K. ETF outflows hit $1.04 billion last week, ending a six-week inflow streak. Oil prices surged above $110 per barrel, raising inflation fears. The 10-year Treasury yield jumped to 4.52%. All of this triggered a risk-off move across crypto, and Cardano got caught in the sell-off.
Overall, Cardano price is at $0.25, down 10%. The bullish scenario remains valid as long as the $0.257-$0.249 support holds. Upside target is $0.30-$0.35. A break below that support would send ADA toward $0.233-$0.228. On-chain activity is low, but whales keep accumulating (67% of supply). The broader market is weak, but Cardano’s technical structure still has a path to recovery. Watch the support zone closely.
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