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.
