ADA Price Falls Below $0.60 Despite 30% Trading Volume Increase
Cardano's ADA token is currently priced at $0.5965, struggling to maintain upward momentum after failing to hold the psychological support level of $0.60. Key points include:
- Previous price action indicated a potential bullish reversal with a triple bottom pattern.
- 24-hour trading volume increased by 30% above the 7-day moving average, indicating heightened market engagement.
- Short-term price trends remain bearish despite the rise in activity and reduced exchange netflows, suggesting ADA holders may be opting for long-term storage.
- Over 2,000 decentralized applications and 10.8 million native tokens are active on the Cardano network, with traders preparing for a possible rebound if the market stabilizes.
Technical Analysis Highlights
- ADA fluctuated between $0.589 and $0.612 over the last 24 hours, marking a 3.9% range.
- Support at $0.590 was tested, followed by buying pressure that brought the price near $0.609, then consolidation occurred between $0.597 and $0.603.
- The final hourly candle closed at $0.5965, confirming a break below $0.60 without an immediate bounce.
- An uptrend structure of higher lows has been disrupted, indicating weakened bullish momentum.
- A significant increase in trading volume suggests elevated participation, but short-term sentiment remains fragile.