Cardano has experienced a dramatic increase in trading volumes over the last 24-hours. ADA, ADA’s native coin, is not increasing in price proportionally.
Bullish Cardano Volume Data
The following is a list of data Cardano has seen a surge of 150%, or $477,000,000, in its trading volume over the past 24 hours.
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CoinGecko data confirms this trend. It shows a 67% rise in Cardano trading volume over the $358 million figures of the day before. This increase in trading volume hasn’t yet led to a corresponding price rise for ADA.
It is important to note that the word “you” means “the”. data It paints a pretty grim picture for ADA owners. CoinGecko figures show that the price of the token currently is 89% below its previous high, $3.09 during the bull run in 2021.
This bearishness also applies to smaller timeframes. ADA Recording losses of 4.1% over 24 hours.
The price of ADA has been in a bearish phase due to investors’ negative sentiment towards the token. This is coupled with broader fears in the market and a lack bullish momentum. Cardano fans are not without hope.
The Price of ADA Could Be Increased.
Crypto analyst “Trend Rider” suggests The current price movement presents investors with an opportunity to profit from potential upward movements. Analysts point to a $0.69 level that, if broken, would signal the beginnings of ADA’s uptrend. Analyst stated:
It’s true that the current price movement is weak, but it doesn’t mean we should give up. We can use the current situation to our advantage and identify key levels at which ADA may make a powerful comeback. What is the critical level? $0.69. It marks an entry to a channel of upward trend. Last time ADA entered this channel, the price soared from $0.02 up to $3.
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ADA’s path to $0.69 appears difficult, despite the analysts’ optimism. At $0.3538, the token encountered an obstacle that prevented it from soaring higher and impacted its 200-day and fifty-day levels. exponential moving averages The yellow and blue line on the chart represents the (EMAs).
In the past, these key technical indicators provided crucial support to the ADA Price. Even so, the token’s price has fallen below these EMAs since April when the correction began.
Consequently, Before any short-term gains can be made, it is important that the price of Bitcoins surpasses the current 200-day EMA, which is $0.3856. uptrend materializes.
As of the date this article was written, the ADA Price is $0.3251.
The featured image is from DALLE. Charts are from TradingView.com
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Source: www.newsbtc.com