Cardano's ADA token remained under selling pressure, trading around $0.162 and down about 2% over the past day despite the activation of the van Rossem hard fork on July 18. The upgrade advanced the network to Protocol Version 11, introducing improvements to the Plutus smart contract framework and laying groundwork for future scaling, yet it has not sparked a sustained price rally.
The token’s market capitalization is approximately $6.06 billion with daily trading volume near $240 million. Over the past month, ADA has held a generally flat course after dropping from highs near $0.90 to $1.00 earlier in the year. The price currently sits below key resistance levels at $0.17 and $0.19, which must be reclaimed to suggest a reversal in the broader downtrend.
Technical Indicators Highlight Weak Momentum
On the daily chart, Cardano remains within a bearish pattern. ADA trades below the middle Bollinger Band at about $0.1688, with the upper band near $0.1887 and the lower band close to $0.1489. This positioning places the token in the lower half of its recent volatility range. A sustained move above $0.17 could improve the short-term outlook, while a drop below $0.15 would renew downside concerns.
The Relative Strength Index (RSI) reads 45.62, slightly under its moving average of 47.10. This indicates some recovery from oversold conditions but no clear momentum shift in favor of buyers, who have yet to establish a consistent pattern of higher highs and higher lows.
Despite the network upgrade's technical improvements, including changes to the cost model for smart contract execution and preparation for future eras such as Dijkstra and Ouroboros Leios aimed at increasing transaction capacity, ADA’s price has not responded with a meaningful rally. This follows months of downward pressure, with the token falling below $0.20 in June amid persistent weak momentum.
Traders remain cautious as funding rates are positive but the long-short ratio stays below one, signaling hesitation about a sustained recovery. The van Rossem hard fork marked Cardano’s first hard fork ratified solely through on-chain governance, highlighting the network’s evolving decentralized control.
This content is for informational purposes only and does not constitute financial advice.
