Cardano (ADA) Trades at $0.5679 After 2.78% Daily Decline
Cardano's ADA is trading at $0.5679, down 2.78% in the last 24 hours. The token failed to maintain upward momentum after a brief rebound and fell toward daily lows.
Key observations include:
- ADA traded within a range of $0.0175 (3.01%) from $0.5928 to $0.5753.
- Price action showed a descending channel with lower highs and lower lows.
- A significant sell-off occurred at 09:00, coinciding with ADA's intraday low.
- During the 13:00 hour, ADA rebounded from $0.5753 to $0.5835, achieving the highest hourly volume of 63.5M.
- In the final hour, ADA increased by 1.04%, rising from $0.577 to $0.583.
- Resistance was met during breakouts above $0.582 and $0.585.
- The largest volume spike of the hour occurred at 13:45 with 3.78M units.
- A minor pullback saw prices drop from $0.585 to $0.582 around 13:51.
- Buyers defended the $0.581 level, temporarily stabilizing prices.
- ADA declined into the close, reaching a session low of $0.5679.
Investors are monitoring whether ADA can hold support in the $0.55 to $0.50 range amidst improving broader market sentiment and economic data indicating slower global trade activity.