ADA Drops Under $0.60 with 30% Jump in Daily Trading Volume, Pointing to Growing Accumulation

Cardano Slips Under $0.60 as Traders Show Cautious Optimism

Cardano’s ADA fell below the $0.60 mark on Wednesday, highlighting the broader market’s struggle to regain bullish momentum despite a notable surge in trading activity suggesting some investors remain optimistic.

ADA
$0.5526

The token dropped to $0.5965 after failing to hold earlier gains, reversing from a potential bullish reversal that had hinted at a triple-bottom formation, according to CoinDesk Research’s technical model. Renewed selling pressure overpowered the previous signals of strength, leaving ADA vulnerable to further downside.

Yet, the session wasn’t without bright spots. ADA’s 24-hour trading volume spiked 30% above its seven-day moving average, signaling that traders are still actively engaging with the market, possibly positioning for a rebound. On-chain data revealed a drop in net exchange flows, implying that some holders might be choosing to move tokens into cold storage rather than sell amid the pullback.

Meanwhile, the Cardano network remains fundamentally solid, boasting over 2,000 decentralized applications and more than 10.8 million native tokens. Analysts say a stabilization in broader crypto markets could still set the stage for ADA’s recovery.

Technical Snapshot

• ADA traded between $0.589 and $0.612 during the past 24 hours, marking a 3.9% fluctuation.
• Prices found temporary support near $0.590 before rebounding toward $0.609, only to consolidate between $0.597 and $0.603.
• ADA ultimately closed the session at $0.5965, confirming a break below the crucial $0.60 threshold.
• Momentum has weakened as the series of higher lows seen earlier in the week has faltered.
• Trading volume rose 30% over the seven-day average, hinting at active market participation despite short-term uncertainty.