Cardano Price Dips Below $0.25 as Staking Surges and Traders Aim to Buy the Dip

Cardano (ADA) price has dipped below $0.25, bringing October losses to 12% as investors turn to staking to limit losses.

The amount of ADA coins staked has reached a 90-day peak of 22.97 billion, temporarily reducing market supply.

Bullish traders have placed orders to buy 350 million ADA at an average price of $0.25, outpacing sell orders.

On-chain data shows the $0.24 support level could be hard for bears to break as many holders bought at that price.

If the $0.30 resistance level breaks, ADA price could rally higher, but 129,700 addresses bought at $0.26 so it may act as resistance.