Cardano Trading Volume Surges 150%, But ADA Price Drops 4%
The crypto market has seen a significant increase in Cardano’s trading volume over the past 24 hours, but the blockchain’s native token, ADA, has not reflected this in its price.
Bullish Cardano Volume Data
Data from CoinGlass reveals that Cardano, the 11th largest cryptocurrency by market capitalization, experienced a 150% surge in trading volume within 24 hours, reaching approximately $477 million. CoinGecko also confirms this trend, showing a 67% increase in Cardano’s trading volume from the previous day’s $358 million. Despite this, ADA’s price has not seen a corresponding rise.
The data presents a challenging scenario for ADA holders. CoinGecko reports that ADA is currently trading 89% lower than its all-time high of $3.09, recorded during the 2021 bull run. In the shorter term, ADA has recorded losses of 4.1% in the past 24 hours, 10% in the past two weeks, and 30% in the last month, reflecting investors’ bearish sentiment and broader market fears.
Potential Upside for ADA’s Price
Crypto analyst “Trend Rider” sees potential for ADA despite its recent struggles. The analyst identifies $0.69 as a critical level that could signal an uptrend if breached:
“Yes, the price action is undeniably weak right now, but this isn’t about conceding defeat. Instead, let’s use this moment to our advantage by identifying key levels where ADA could make a strong comeback. The critical level to watch? $0.69. This marks the entry into an uptrend channel. The last time ADA broke in here, it skyrocketed from $0.02 to $3.”
However, reaching $0.69 will be challenging for ADA. The token faces significant resistance at $0.3538, which has prevented it from surging higher and contending with the 200-day and 50-day exponential moving averages (EMAs), marked by the yellow and blue lines on the daily chart.
These technical indicators have been crucial support levels for ADA, but since the market-wide correction in April, the token has traded below these EMAs. In the near term, ADA must surpass the $0.3856 mark, where the 200-day EMA currently sits, before any potential short-term uptrend can occur.
At the time of writing, the ADA price stands at $0.3251.