ADA Token Faces 3.7% Drop Amid Grayscale ETF Delay and Technical Shifts, Trading Volume Surges

Cardano (ADAUSDT) is currently trading at $0.5820 on Binance, reflecting a 3.71% decline over the past 24 hours from a 24h open of $0.6044. The price drop is primarily attributed to regulatory uncertainty following the U.S. SEC's decision to pause approval for a Grayscale ETF that would include Cardano, as well as technical signals such as the recent "death cross" pattern and a daily RSI of 47, which indicate weakened bullish momentum. Despite these cautionary signals, there has been a surge in open interest and a substantial increase in trading volume earlier in the week, suggesting ongoing trader engagement and volatility. Cardano’s 24-hour trading volume remains robust, with recent figures ranging from $585 million to $758 million, and its market capitalization is estimated between $20.94 billion and $21.04 billion. The ADA token continues to see active trading within a range of $0.58 to $0.61, as investors monitor both regulatory developments and technical indicators for future direction.