Cardano’s native token (ADA) continues to hold steady following recent market volatility sparked by Treasury Secretary Scott Bessent’s strong statement. The coin is currently hovering near a crucial support level of $0.635, keeping its future direction uncertain. 24-hour trading volume increased by 10%, suggesting heightened interest from traders. Current Price Momentum: ADA is currently trading at $0.657 with a modest 0.50% gain over the past day. However, this growth was accompanied by an increase in trading volume by 10%. Cardano (ADA) Price Action and Upcoming Levels: The ADA price remains near a key support level of $0.635 after consolidating between that level and $0.682 for the past week. Technical analysis indicates this consolidation will continue until it breaks out or collapses, potentially leading to larger price movements in either direction. Source: Trading View Historical Analysis suggests a potential 20% surge to the $0.85 mark if ADA breaches the upper boundary of its current range. Conversely, if the coin falls below support levels, there could be a significant decline, dropping by up to 25% or even 28%. This price analysis highlights the crucial role of the ongoing consolidation in determining Cardano’s future direction. Bearish Bet Analysis: Market structure reveals a bullish sentiment, with traders heavily leaning towards short positions, as indicated by Coinglass. Their over-leveraged positions at $0.648 indicate significant bearish bets on ADA. Trading platforms are showing a significant amount of bearish betting activity – a total of $8.15 million worth of bets are currently short position. This reflects the prevailing market sentiment that is leaning toward further downtrend, but it’s important to note that only time will reveal the true direction of the market.