Cardano (ADA) has seen a notable pullback in the past 24 hours, with its price dropping 6.81% to $0.6355. The decline follows a steady downtrend observed through the trading day as the token slipped from a high of $0.6834 to a low of $0.6281. The broader market’s cautious sentiment seems to have weighed heavily on ADA’s short-term performance.
Cardano’s market capitalization fell 6.78% to $22.78 billion, reflecting the recent price correction. However, there was a modest rise in trading activity. The 24-hour volume climbed 12.29% to $1.12 billion, signaling that traders are actively responding to the price dip.
The volume-to-market-cap ratio stands at 4.97%, indicating moderate market engagement amid growing uncertainty. Despite the short-term slump, ADA remains one of the most actively traded layer-one assets, supported by its strong ecosystem and long-term development roadmap.
Technical Sentiment and Short-Term Outlook
While ADA’s current price of $0.6355 reflects bearish momentum, the asset has managed to stabilize near key support at $0.63. If buyers regain momentum, a rebound toward the $0.68 resistance zone could occur. However, continued market weakness may drag the token closer to $0.62.
Source: CoinMarketCap
Cardano’s ability to sustain above $0.63 will be critical for short-term traders watching for a potential reversal. The recent rise in volume suggests volatility may persist in the coming sessions as ADA attempts to regain traction.
Circulating Supply and Long-Term Perspective
Cardano currently has 35.85 billion ADA in circulation out of a total supply of 44.99 billion, with a maximum supply capped at 45 billion. This near-fully issued supply model helps maintain market predictability and limits inflationary pressure on the token.
Related article: ADA on Edge: Cardano Dips 1.6% as Traders Brace for Next Move
Looking back, ADA is still significantly below its all-time high of $3.10 reached on September 2, 2021, marking a 79.5% decline. Yet, it remains far above its all-time low of $0.01735 from October 1, 2017, showing a massive 3,561.85% lifetime gain. This long-term growth highlights Cardano’s resilience and investor confidence in its fundamentals.
