Cardano (ADA) Price: Is This the Reversal Traders Have Been Waiting For?

TLDR

• Cardano’s privacy-focused sidechain Midnight secured a NIGHT token listing on Binance Alpha on December 9, with airdrops for eligible users
• ADA price rose nearly 10% over the past week and is currently trading around $0.4325
• Multiple exchanges including Bybit, OKX, Bitpanda, MEXC, and Gate.io announced plans to list NIGHT token
• ADA broke above a descending trendline that had suppressed prices since early October, showing its strongest reversal signal in months
• The chart shows potential upside near $0.70, representing a possible 56% gain from the breakout level if momentum continues

Cardano has gained attention this week after breaking through a key downtrend and securing a major exchange listing for its privacy-focused sidechain.

The ADA price rose nearly 10% over the past week. The token is currently trading around $0.4325 according to Coingecko data.

The move comes as Midnight, Cardano’s privacy-focused sidechain, secured a listing for its native NIGHT token on Binance Alpha. Binance Wallet confirmed the listing on December 9.

The exchange featured NIGHT on Binance Alpha’s front page. Eligible users received airdrop perks as part of the launch.

Binance stated that supporting NIGHT aligns with its goal of promoting “rational privacy.” This principle forms the core of Midnight’s design approach.

Midnight operates as a hybrid model. The project provides users with private transactions while meeting regulatory standards.

This approach differs from traditional privacy-focused chains. Many older privacy networks have struggled with compliance requirements.

The listing announcement spread quickly across the industry. Multiple exchanges confirmed plans to list NIGHT token.

Bybit, OKX, Bitpanda, MEXC, and Gate.io all announced upcoming NIGHT listings. The widespread exchange support shows strong institutional interest in the project.

Technical Breakout Signals Potential Reversal

ADA broke through a descending trendline this week. The trendline had kept the price under pressure since early October.

Crypto analyst Captain Faibik reported the breakout on X. He noted that ADA gained over 10% profit in just a few hours after the confirmation.

The 4-hour chart shows a clean breakout candle. The strong move signals solid buying interest at current levels.

ADA moved sharply from the $0.43 to $0.44 range. The price now trades above a level that repeatedly blocked upward attempts in recent weeks.

The chart displays a shift in market momentum. After months of lower highs and lower lows, ADA formed a rounded bottom pattern through late November and early December.

Volume increased around the breakout point. Rising volume adds credibility to the move and suggests underlying strength.

The chart indicates potential upside near $0.70. This target represents a 56% gain from the breakout level if bullish momentum persists.

Captain Faibik announced he is buying ADA at current levels. He expects the breakout from this trendline to hold and potentially lead to further gains.

Support Zone Testing Continues

Analyst More Crypto Online examined the weekly chart. He identified a broad support zone between $0.322 and $0.437.

This zone has been important for months. Heavy trading activity has taken place within this price range.

ADA reacted directly to the Point of Control. This level represents where the most trading volume has occurred over an extended period.

When price bounces from areas like this, it often indicates active buyers defending the region. The Volume Profile shows this area has repeatedly acted as a heavy support cluster.

More Crypto Online stated it is too early to confirm a long-term bottom. He is watching to see if ADA can form a clean five-wave move to the upside.

Such a pattern would provide the most convincing signal that ADA is transitioning from a downtrend. The early reaction off support appears encouraging but still needs structure.

Analyst Ali Martinez noted on X that increasing ADA supply entering circulation is putting downward pressure on the price. This observation points to potential short-term weakness for the token.

ADA is showing its strongest reversal signal since mid-year. Traders are closely watching for consistent closes above the trendline to confirm a broader trend change.

The price action follows months of declining values. Sentiment around Cardano had been weak before this week’s breakout.

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