Despite a successful launch of its privacy-focused ‘Midnight’ chain, Cardano’s price still dropped by 4%.
Summary
- Cardano price dropped over 4% despite Midnight’s mainnet launch, as a whale offloaded ADA ahead of the event, triggering market pressure.
- Bearish technical indicators signal further downside risk, with key support at $0.20 and resistance near $0.28.
Cardano (ADA) experienced a price decrease of over 4%, falling from $0.25 to $0.24 on Tuesday, March 31, according to crypto.news data. Over the past week, the token’s value has dropped almost 9%, and it’s down over 30% since the start of the year. This price drop comes after Cardano launched Midnight, a privacy-focused side chain, on its main network yesterday.
This update lets Cardano users handle private transactions and smart contracts more securely. It also makes it possible to build advanced privacy features directly into the Cardano network, appealing to institutions and larger organizations.
Despite Charles Hoskinson, the creator of Cardano, consistently promoting Midnight as a key fix for privacy issues within the Cardano network, the price of ADA dropped when a large holder sold off a significant amount of their coins.
A large cryptocurrency holder exchanged 940,000 ADA tokens for 4.14 million NIGHT tokens right before the NIGHT network officially launched. This massive sale caused widespread fear in the market and likely led to the price decrease, even though there was positive news about the network itself.
If larger investors (often called ‘whales’) continue to sell their NIGHT tokens and move into ADA, it could cause ADA’s price to fall further in the near future.
Cardano price analysis
Technical indicators seem to hint at more downside for the token in the coming sessions.
The Supertrend indicator recently changed to red, signaling a potential downtrend as it’s now above the price. This change happened alongside a negative reading on the Chaikin Money Flow, which suggests investors are selling the asset and moving their money elsewhere.
The MACD lines recently crossed downwards, signaling that sellers are now in control of the market.
Traders are currently watching the $0.20 mark closely. This price point is a key level of support, and it needs to stay above it to avoid further negative feelings among investors.
However, if the price rises strongly above $0.28 – a key resistance level also indicated by the Supertrend – it could begin a climb towards its January 6th peak of $0.43.
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2026-03-31 16:04