ADA Token Drops 6.27% After $1.00 Resistance Rejection Amid Surging Volume and Market Volatility

Cardano (ADAUSDT) experienced a 6.27% price decline over the past 24 hours, currently trading at $0.8512 on Binance. The recent downturn is attributed to heavy selling pressure following ADA's attempt to break above the $1.00 resistance, where it faced strong rejection and bearish momentum after reaching $1.0193. Despite bullish technical signals earlier in the week, including a "double bottom" pattern and a "Golden Cross," the market has shifted as traders reacted to resistance levels and profit-taking. Increased trading activity, highlighted by a 24-hour volume of approximately $2.75 billion to $3.02 billion, reflects heightened volatility, while regional demand in South Korea and Binance's zero-fee trading announcement have contributed to overall market engagement. ADA remains among the top 10 cryptocurrencies by market capitalization, with a circulating supply near 36 billion tokens.