Cardano Dips Below $0.60 Despite Surge in Trading Volume
Cardano’s ADA token slipped beneath the key $0.60 level on Wednesday, signaling persistent bearish sentiment across altcoins—even as a sharp rise in trading activity suggests growing investor interest at lower levels.
ADA
$0.5526
ADA fell to $0.5965 during the session, unable to hold earlier gains and giving up the psychologically important $0.60 mark, according to CoinDesk Research’s technical analysis model. A possible triple-bottom pattern had hinted at a bullish reversal, but fading momentum and renewed selling pressure reversed that setup.
Despite the dip, ADA’s 24-hour trading volume jumped 30% above its 7-day moving average, signaling that traders are still active. On-chain data also showed a drop in net exchange flows, indicating that some holders may be accumulating rather than exiting.
The Cardano network continues to show strong fundamentals, supporting over 2,000 decentralized applications and 10.8 million native tokens. Analysts believe that while short-term sentiment remains cautious, ADA could rebound if broader crypto market stability returns.
Technical Summary
- ADA traded in a 24-hour range between $0.589 and $0.612, a 3.9% move.
- It bounced from $0.590 to $0.609 before consolidating in a tight range between $0.597 and $0.603.
- The session closed at $0.5965, marking a confirmed breakdown below $0.60.
- Momentum has weakened with the failure to sustain higher lows seen earlier in the week.
- Trading volume rose 30% above the 7-day average, reflecting increased activity amid the pullback.
