👉👉👉 Cardano Sees Massive 150% Volume Surge, Yet $ADA Price Stalls With 4% Decline
Cardano Trading Volume Soars, But ADA Price Remains Stagnant
- The crypto market has seen a significant uptick in Cardano’s trading volume over the past 24 hours. Despite this surge, the native token, ADA, has not experienced a corresponding increase in price.
Surge in Cardano Trading Volume
- According to CoinGlass, Cardano, now the 11th largest cryptocurrency by market cap, has seen a remarkable 150% increase in trading volume, reaching approximately $477 million. CoinGecko supports this trend, reporting a 67% rise in trading volume from the previous day's $358 million. However, this increased trading activity has not translated into higher ADA prices.
- ADA is currently trading at $0.3351, which is 89% below its all-time high of $3.09 from the 2021 bull market. In recent timeframes, ADA has struggled with losses of 4.1% in the past 24 hours, 10% over the last two weeks, and a significant 30% in the past month.
Potential for ADA Price Recovery
- Despite the current bearish sentiment, some analysts see potential for ADA. Crypto analyst “Trend Rider” believes the present price action could offer an opportunity for investors. The analyst identifies $0.69 as a crucial level to watch.
According to Trend Rider:
- “While the current price action is weak, it’s important to remain optimistic. The key level to monitor is $0.69, which could signal the start of an uptrend. Historically, when ADA broke above this level, it surged from $0.02 to $3.”
- ADA faces resistance at $0.3538 and trades below its 50-day and 200-day EMAs since April. For a short-term uptrend, ADA must break above $0.3856, where the 200-day EMA is located.
- At present, ADA’s price remains at $0.3351, reflecting ongoing struggles despite the increased trading volume.
Source - newsbtc.com
