Cardano’s Big Move: But Is It Just a Flash in the Pan?

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Well, folks, buckle up! On Thursday, July 3, Cardano’s price decided to make a grand entrance and rose for the second day in a row—because why not? After all, it’s only been a rough couple of months. The price soared to $0.60, up more than 17% from its June lows. Now, I know what you’re thinking: “Wow, this is a monumental rise.” But before you get too excited, let’s not forget it reached a grand total of $0.60. Hold your applause, please.

But wait! There’s more. This wasn’t just a random price spike. Oh no, Cardano’s market cap shot above $21 billion. Yes, that’s right. All this magic happened after Fluid Tokens made a breakthrough by conducting the first on-chain transaction proving the Bitcoin state on Cardano. That’s a lot of technical mumbo jumbo, but essentially, it’s the beginning of a Cardano–Bitcoin bridge. Fancy, right? But don’t start booking your flight tickets to the moon just yet.

Time to get bullish again:

The 1st onchain transaction proving the Bitcoin state just settled on Cardano.

This marks the beginning of the Cardano ↔ Bitcoin bridge, built by FluidTokens and @zkFold .

Strong narratives are amazing, onchain proof is so much better 👇

— FluidTokens (@FluidTokens) July 2, 2025

Yes, Charles Hoskinson and his Cardano team have been toiling away for years to bring Bitcoin into the Cardano ecosystem, and, as they claim, this could potentially open the floodgates for trillions of dollars to flow through. But, let’s be honest: “potentially” is the key word here. It’s like me promising you a 10-course meal but only bringing out a bowl of popcorn. We’ll see.

First successful BTC deposit on LACE Wallet. Cardano is the Future

— BounaDein (@BounaDein) July 2, 2025

And hey, look at this: Lace, the wallet built by Cardano, just completed its first Bitcoin deposit. Well, bravo! They also rolled out a new feature to help you estimate your fees. Because, of course, you definitely needed more features for your wallet. I’m not sure whether to celebrate or cry. 🍾

Now, some of you might be thinking, “Hey, that’s cool! Bitcoin integration means I can sit back and earn yield in the Cardano ecosystem, right?” Well, slow down there, partner. That’s already a thing on other platforms, like Solv Protocol and Babylon. So, Cardano’s ‘unique’ offering? Not so unique. Keep your expectations in check.

Let’s take a step back. While there’s a lot of hype, Cardano’s ecosystem is often branded as a “ghost chain.” Spooky, right? Its DeFi total value locked is less than $318 million, and its stablecoin supply has been stuck at around $31 million for what feels like forever. Meanwhile, newer networks like Unichain and Sui are putting up numbers that make Cardano look like it’s still trying to figure out how to send an email. Ouch.

Cardano price technical analysis

If we turn to the charts, Cardano’s price dropped and bottomed out at $0.519 in June. This wasn’t just a bad day at the office—it coincided with its lowest point in April. So, yeah, not great. The coin has now formed a rounded top with an upper boundary at $0.863. But wait—there’s more! Recently, ADA has developed a horizontal channel, which suggests a potential inverse cup-and-handle pattern. All that means is the price could either go up… or continue its merry descent. Talk about a coin toss.

Here’s the kicker: Cardano is still trading below its 50-day and 100-day moving averages. In other words, things are still looking pretty bearish. A breakdown seems more likely in the near term, and if that happens, the first target is $0.519—the lower edge of the cup pattern. If it falls below that, well, brace yourselves for potential declines toward $0.50 or lower. Yikes.

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2025-07-04 00:47