ADA, the token of the Cardano network, has dropped to $0.5965, slipping below the pivotal $0.60 psychological level despite showing early signs of support. This decline comes even as the 24-hour trading volume surged by 30%, indicating growing market engagement.

Key Points:

• ADA dipped to $0.5965, breaching critical support at $0.60.
• Notably, 24-hour trading volume rose 30% above the 7-day average, reflecting increased market interest.
• Market patterns suggest potential accumulation with reduced selling pressure and establishment of higher lows intraday.

The recent price action indicated a bullish reversal might be in the works, suggested by a possible triple bottom pattern, but the failure to maintain $0.60 signals persistent weaknesses in the market.

Trading Insights:

• ADA fluctuated between $0.589 and $0.612, creating a range of 3.9%.
• Following a test at $0.590, buying pressure briefly elevated prices near $0.609, before stabilizing between $0.597 and $0.603.
• The closing hourly candle at $0.5965 confirmed a break below the crucial $0.60 threshold without any immediate rebound.
• The prior trend of higher lows was disrupted, indicating weakened bullish momentum.

Despite the short-term bearish sentiment, the notable uptick in trading volume combined with a decrease in net exchange flows suggests ADA holders may be shifting to long-term positions.

Given the extensive ecosystem with over 2,000 decentralized applications and 10.8 million native tokens on the Cardano network, market participants are positioning for a rebound if overall market conditions stabilize.