ADA Token Faces 2.5% Drop Amid $1M Long Liquidations and Key Support Test Near $0.55

Cardano (ADAUSDT) is trading at 0.5564 on Binance, down 2.51% over the past 24 hours from a 24h open of 0.5707. The recent price decline is primarily attributed to increased selling pressure following the failed breakout above $0.59, as well as broader negative sentiment reflected in a negative MVRV ratio and over $1 million in long liquidations. Despite the launch of Coinbase's wrapped ADA (cbADA) on the Base network, which has boosted ecosystem activity and social media engagement, these positive developments have not offset the short-term bearish momentum. Trading volume remains elevated, with over $600 million in 24-hour turnover and a market cap near $19.97 billion, as ADA tests key support between $0.55 and $0.50 amid ongoing volatility.