Cardano (ADA ($0.54)) has experienced a sharp decline over the past seven days, falling by 17.98% to trade around $0.5453 at the time of writing. Despite a brief recovery early in the week, ADA’s bearish momentum persisted, pushing it further below its previous resistance levels.

Cardano’s market capitalization currently stands at $19.55 billion, marking a 5.43% drop in the last 24 hours. However, trading activity spiked to $1.59 billion in 24 hours, a 65.95% surge, indicating increased market participation, possibly from short-term traders responding to volatility. Cardano has a maximum supply of 45 billion ADA, with about 35.86 billion ADA in circulation. Its fully diluted valuation (FDV) sits around $24.54 billion, showing strong long-term token availability despite current price struggles.

ADA Struggles to Hold Key Support After Weekly Drop

Over the past week, ADA’s price fluctuated between $0.5325 and $0.5794. The token briefly touched the higher end of its range early in the week before reversing sharply amid broader market sell-offs. The consistent red candles highlight growing selling pressure, as ADA loses its grip on the critical $0.60 psychological support zone.

_{Source: CoinMarketCap}

Compared with its all-time high of $3.10 reached in September 2021, ADA is down 82.36% since then. Yet, it still shows remarkable long-term growth from its all-time low of $0.01735 in October 2017, gaining more than 3,000% overall.

ADA Faces Key Test as Bulls Eye Recovery Above $0.60

Despite the weekly decline, the surge in trading volume suggests that investors are watching ADA closely, anticipating a rebound near the current support range. Historically, Cardano has shown resilience after steep corrections, with renewed investor confidence often following such dips.

However, the market remains volatile, and ADA must reclaim the $0.60 zone to confirm a recovery trend. Failure to hold above $0.53 could invite more selling pressure in the short term.

Cardano’s 17.98% weekly slump highlights the current uncertainty across the crypto market. Yet, its strong fundamentals, active development, and loyal community continue to underpin long-term optimism. For now, ADA traders are watching closely to see if the bulls can reclaim control and lift prices back above $0.55 in the coming days.

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