• Cardano governance grows as Everstake joins as a new DRep, boosting decentralized decision-making.
• Key support levels between $0.799–$0.747 could act as a base for potential upward correction.
• ADA trading shows a slight decline in volume and open interest, reflecting cautious investor sentiment.

The network is seeing continued growth in its governance system, with Everstake joining as a new DRep. Analysts note key support levels, making the next few days important for ADA’s short-term outlook.

At the time of writing, Cardano (ADA) is trading at $0.8813 with a 24-hour trading volume of $2.19 billion and a market capitalization of $30.05 billion. The price of ADA has declined by 4.52% in the last 24 hours.

Everstake Joins Cardano Governance as New DRep

The Cardano Foundation has announced a new update commemorating the steady growth of its governance system. Everstake has joined as a newly registered DRep, further boosting the coin’s decentralized decision-making network.

Cardano Faces Downside Risk at Wave-B Low

According to market analysis, well-known crypto analyst Man of Bitcoin noted that ADA could face further losses if it breaks below the Wave-B low. The analyst identified a key support zone between $0.799 and $0.747, which could serve as a base for a potential upward correction.

With ongoing development in the network’s governance and key price levels at stake, the next few days could prove decisive for its near-term price action.

Also Read | Cardano Holders Quietly Migrating into an Altcoin Forecast for 3,000% Gains

Cardano (ADA) Derivatives Market Update

The asset’s trading activity shows a minor decline, as trading volume dips by 9.61% to $2.89 billion and open interest falls by 1.64% to $1.65 billion. The charts highlight that, while ADA’s price has experienced highs and lows, the market continues to show healthy participation, especially during recent rallies.

Decreases in both open interest and trading volume suggest that investors may be awaiting a clearer direction before building larger positions.

Looking at the OI Weighted funding rate at 0.0070%, the trend is leaning toward a balanced mindset among investors. Such numbers generally indicate that investors hold more open long positions, expecting ADA’s price to rise. Although the rate is low, it reflects steady interest without causing market volatility, signaling a cautious yet optimistic outlook for ADA.

Also Read | Cardano (ADA) Price Eyes $1.20 Breakout as ETF News Boosts Sentiment