ADA Faces 2.35% Drop as Long-Term Holders Sell and Bearish Signals Intensify

Cardano (ADA) has experienced a 2.35% price decline over the past 24 hours, with the current price at $0.5932 according to Binance data. This downward movement is primarily attributed to increased selling pressure from long-term holders, as evidenced by a spike in the "age consumed" metric, and persistent bearish technical signals such as a 25-day "death cross" formation. Recent developments, including discussion of converting part of the ADA treasury into stablecoins and Bitcoin, have not offset the prevailing negative sentiment. Trading volume has also decreased significantly, reflecting reduced market activity and continued caution among investors. ADA is currently testing key support levels, and market sentiment remains predominantly bearish with limited signs of an immediate reversal.