Cardano's ADA token experienced a sharp decline, dropping 5.22% in 24 hours after failing to sustain a breakout above the $0.40 resistance level. The cryptocurrency traded around $0.3818, retreating from an intraday high of $0.4051. This decline was accompanied by a 21.48% increase in trading volume, reaching $696.73 million. The broader cryptocurrency market also faced downward pressure, with Bitcoin falling 5%, which negatively impacted altcoin sentiment. Traders are now closely monitoring the $0.37 support level for ADA, as a breach could lead to further selling pressure.