ADA Token Slides 5.18% Amid Bearish Patterns and Regulatory Uncertainty, Trading Volume Hits $568M

Cardano (ADAUSDT) experienced a 5.18% price decline over the past 24 hours, with the current price at $0.5657 and a 24-hour trading volume of approximately $568 million. The recent price drop is attributed to mixed technical signals, including the emergence of a "Head-and-Shoulders" pattern and a "death cross" on the charts, both generally viewed as bearish indicators. Additionally, regulatory uncertainty following the SEC's pause on Grayscale's GDLC fund approval has contributed to market caution. Despite these factors, Cardano saw brief upward momentum driven by positive developments such as the Cardano-Bitcoin bridge and strong development activity, but selling pressure ultimately dominated. Cardano remains volatile, trading between $0.57 and $0.61 in the last 24 hours, with a market capitalization near $20 billion and a circulating supply of about 36 billion ADA.