Cardano’s ADA
token is struggling to maintain upward momentum, sliding to $0.5965 despite signs of support at the $0.60 psychological threshold, according to CoinDesk Research’s technical analysis model.
Earlier price action suggested a bullish reversal pattern, including a potential triple bottom formation, but the failure to hold $0.60 highlights ongoing weakness in the market.
What stands out is the surge in 24-hour trading volume, which rose 30% above its 7-day moving average — a sign of increased market engagement. Although short-term price action remains bearish, the rise in activity combined with a reduction in exchange netflows could indicate that ADA holders are shifting toward long-term storage.
With over 2,000 decentralized applications and 10.8 million native tokens deployed on the Cardano network, some traders are positioning for a potential rebound if the broader market stabilizes.
Technical Analysis Highlights
- ADA traded between $0.589 and $0.612 over the 24-hour period, a 3.9% range.
- After testing support at $0.590, buying pressure pushed the price near $0.609, followed by consolidation between $0.597–$0.603.
- Final hourly candle closed at $0.5965, confirming a break below $0.60 with no immediate bounce.
- Uptrend structure of higher lows was disrupted, weakening bullish momentum.
- A 30% spike in 24-hour trading volume suggests elevated participation, though short-term sentiment remains fragile.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
