ADA (Cardano) decreased by 7.15% in the past 24 hours, currently trading at $0.43.

Gate News Bot Message, December 11th, according to CoinMarketCap data, as of press time, ADA (Cardano) is trading at $0.43, down 7.15% over the past 24 hours, with a high of $0.48 and a low of $0.41. The 24-hour trading volume reached $1.144 billion. The current market capitalization is approximately $15.408 billion, down $1.187 billion from yesterday.

Cardano is a proof-of-stake blockchain platform that provides tools and technology for changemakers, innovators, and visionaries, creating possibilities for the many and the few and driving positive global change. As the first blockchain platform built on peer-reviewed research and developed through an evidence-based approach, Cardano combines cutting-edge technology to offer unmatched security and sustainability for decentralized applications, systems, and society.

Cardano uses the Ouroboros protocol—the first peer-reviewed, verifiably secure proof-of-stake blockchain protocol—achieving an environmentally friendly and sustainable consensus mechanism. Based on solid research foundations, this protocol aims to build a safer, more transparent global payment system that redistributes power and control in a fair manner.

Important recent updates on ADA:

1️⃣ Ecosystem positive developments trigger short-term rebound, Midnight privacy sidechain mainnet launch catalyzes buying activity
The Cardano ecosystem has achieved significant progress, with the native token of the Midnight network, NIGHT, officially listing on mainstream exchanges. Following this news, ADA’s price surged over 4% in a short period, with trading volume increasing significantly by 85% compared to previous levels. Midnight, a zero-knowledge proof network focused on privacy within the Cardano ecosystem, with its mainnet rollout and the exchange listing of NIGHT tokens, marks substantial progress in privacy and scalability. This enhances investor confidence in the ecosystem’s development prospects. The derivatives market responded strongly; ADA futures open interest increased by 3.48% within 24 hours, indicating active trading by market participants.

2️⃣ On-chain governance proposal approved, scale of ecosystem development investment expanded
A governance proposal allocating 70 million ADA from the treasury for ecosystem development was officially approved, marking a new governance phase for the Cardano network. This sizeable ecosystem investment signals strong development commitment, providing ample funding support for subsequent application ecosystem prosperity. This move somewhat alleviates market concerns about network stability.

3️⃣ Technical adjustments and key support levels are crucial for defense
Currently, ADA is oscillating within a critical range between $0.40 and $0.45, with the $0.38 level serving as the core support for December’s market trend. Successfully breaking above resistance zones at $0.45–$0.47, especially surpassing the 50-day moving average at $0.51, could trigger a new wave of upward momentum based on technical indicators. However, if prices fall below the $0.38 support level in the short term, the market may extend into a deeper correction zone of $0.33–$0.35. Ongoing accumulation of leverage and short positions has led to frequent false breakouts, increasing short-term volatility risks.

This message is not investment advice. Please be aware of market volatility risks when investing.