Cardano (ADA) has entered a mild downtrend over the past 24 hours, slipping by 0.53% to trade at $0.6154. This decline reflects a broader cooling in the crypto market, particularly as ADA’s 24-hour trading volume dropped steeply by 26% to $428.32 million. Meanwhile, the market cap edged lower to $21.71 billion, signaling a pullback in investor enthusiasm.
Price Action: From Peaks to Pullbacks
ADA opened the session at $0.6183 and hit an intraday high of $0.6292 before retreating. At its lowest, the coin touched $0.6109. Although the price experienced brief bullish momentum around 6 PM UTC on April 17, that upward surge couldn’t be sustained.
24-hour price chart. Source: CoinMarketCap
The chart now leans red, revealing bearish pressure creeping in through the early hours of April 18. Cardano still sits far below its all-time high of $3.10 reached in September 2021 — a staggering 80.17% drop from those historic levels.
Related article: Cardano Hits $0.7710: Can Bulls Push ADA to $0.8198?
However, long-term holders remain optimistic, considering ADA is still up over 3,441% from its all-time low of $0.01735 recorded back in October 2017. This wide gap underscores ADA’s potential for explosive moves once bullish sentiment kicks in.
Supply Metrics and Market Dynamics
ADA currently has a circulating supply of 35.28 billion out of a maximum 45 billion tokens, with a fully diluted valuation (FDV) of $27.69 billion. Despite the price dip, the volume-to-market-cap ratio of 1.97% suggests moderate trading activity, though not enough to spark major volatility.
Related article: Cardano (ADA) Trading Between $0.69–$0.77: A 12% Move Is Imminent
As of now, ADA is teetering near its short-term support zone. The lack of strong volume and continued lower highs on the chart paint a cautious picture.
However, if the market stabilizes and inflows increase, Cardano could aim for a rebound toward the $0.63 level in the short term.
