ADA Token Faces 4.42% Drop as Resistance Holds, Market Eyes Key Support and ETF Developments

Cardano (ADAUSDT) experienced a 4.42% price decline over the past 24 hours, opening at 0.6082 and trading at 0.5813 on Binance. The recent price drop is attributed to weak buyer interest following ADA’s failure to hold above the $0.59 level, as highlighted in multiple market analyses, with sellers exerting pressure after a rejection from the $0.5905 resistance zone. Despite some bullish sentiment tied to ongoing ETF developments and ecosystem upgrades, no major new events or announcements have driven significant upward momentum.

Currently, ADAUSDT is trading with active volume and a circulating supply of approximately 35.38 billion ADA out of a 45 billion maximum, with market capitalization estimates between $20 billion and $21.3 billion. Over the past week, ADA has rebounded from the $0.55 support and remains up 5.86%, though it has declined over 12% in the last 30 days. Overall, the market is cautiously optimistic, with ADA testing key support and resistance levels amid ongoing volatility.