Cardano Price Struggles to Find Footing Amid Upcoming Upgrades

The Cardano price has been struggling to regain its footing after months of decline. At present, it's hovering around $0.1867, a key support level for the cryptocurrency. According to crypto analyst More Crypto Online, ADA is respecting important support and resistance levels, with buyers targeting higher Fibonacci resistance levels.

The Cardano network is also undergoing significant upgrades, including the Dijkstra upgrade cycle, which aims to improve network throughput and transaction finality. Additionally, the cryptocurrency has become eligible for a streamlined spot ETF review, which could attract institutional capital if approved.

Despite these positive developments, adoption remains a challenge for Cardano. Its DeFi total value locked is still relatively low compared to larger ecosystems like Ethereum and Solana. On-chain data also shows that Cardano's market cap has dropped significantly since its peak in September 2021.