Cardano Price Steady at $0.57 as cbADA Boosts DeFi Engagement

Cardano (ADA) has seen a boost in its decentralized finance (DeFi) ambitions and price outlook following the launch of cbADA on Coinbase's Ethereum Layer-2 network, Base. The wrapped version of ADA, backed by full proof-of-reserves, allows ADA to tap into the broader DeFi ecosystem across multiple blockchains, including platforms like Uniswap and Aerodrome. This move not only makes Cardano more accessible but also strengthens its long-term fundamentals by increasing its market footprint and community momentum.

Since the launch of cbADA, on-chain engagement around Cardano has surged. Trading volume has reached $600 million, and futures open interest stands at 1.2 billion ADA. The Midnight Glacier airdrop, an incentive within the Cardano ecosystem, has generated significant attention, with over 200,000 mentions on X (formerly Twitter) in just one week. This heightened activity indicates a renewed interest and engagement in the Cardano community, aligning with the broader crypto market's bounce.

Despite short-term fluctuations, the Cardano price has held steady at $0.57, with support at $0.51 and resistance at $0.62. The Relative Strength Index (RSI) is at 36.32, suggesting a potential short-term bounce if buying momentum resumes. However, moving averages across all timeframes remain bearish, indicating that ADA needs to break through the $0.62-$0.66 resistance levels to trigger the next leg up.

Analysts have updated their Cardano price predictions for July 2025, with forecasts ranging from modest gains to significant long-term growth. According to various platforms, the price of ADA is expected to range between $0.63 and $2.19 by 2025. Long-term projections are more optimistic, with some analysts forecasting ADA to reach up to $10 by 2030. These projections suggest that while short-term growth may be slow, long-term gains could be substantial if development and adoption continue.

The introduction of cbADA by Coinbase is a strategic move that bridges the gap between Cardano's native ecosystem and Ethereum's DeFi dominance. With growing derivatives activity, strong support at $0.51, and expert projections pointing to multi-year upside, Cardano's price may be at an inflection point. Although short-term technicals are neutral, cbADA could be the infrastructure piece that puts Cardano back on track for the next growth phase.