Cardano Sees Massive 150% Volume Surge, Yet ADA Price Stalls With 4% Decline
2024年8月17日 - 10:00AM
NEWSBTC
The crypto market has witnessed a substantial surge in the Cardano
trading volume over the last 24 hours. Yet, the blockchain’s native
token, ADA, has failed to deliver a proportional price
increase. Bullish Cardano Volume Data According to data from
the information platform CoinGlass, Cardano, currently the 11th
largest cryptocurrency by market capitalization, has experienced a
150% surge in trading volume in the 24 hours, amounting to
approximately $477 million. Related Reading: Silk Road Bitcoin Are
‘Almost Certainly’ Sold By US Gov, Claims Lawyer CoinGecko’s data
also corroborates this trend, revealing a substantial 67% increase
in Cardano’s trading volume compared to the previous day’s figures,
which stood at $358 million. However, this surge in trading
activity has yet to translate into a corresponding rise in ADA’s
price performance. The data paints a rather grim picture for ADA
holders. CoinGecko’s figures indicate that the token is currently
trading at a price that is 89% lower than its all-time high of
$3.09, which was recorded during the 2021 bull run. The
bearish sentiment also extends to shorter time frames, with ADA
recording losses of 4.1% in the 24 hours, 10% in the past two
weeks, and a staggering 30% in the last month alone. This showcases
investors’ bearish sentiment in the token, coupled with the broader
market fears and lack of bullish momentum that has embroiled ADA’s
price in a significant bearish phase. However, not all hope is lost
for Cardano enthusiasts. Potential Upside For ADA’s Price
Crypto analyst “Trend Rider” suggests that the current price action
presents an opportunity for investors to capitalize on potential
upside. The analyst points to a critical level of $0.69, which, if
breached, could signal the beginning of an uptrend for ADA. The
analyst stated: 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. Related Reading: MATIC Set
For Rebranding In Early September: Will Polygon Prices Recover
After Sinking 65%? Despite the analyst’s optimism, the path to the
$0.69 level appears challenging for ADA. The token has encountered
a significant obstacle at the $0.3538 mark, which has prevented a
surge to higher levels and tackled the token’s 200-day and 50-day
exponential moving averages (EMAs), represented by the yellow and
blue lines on the daily chart, respectively. These key technical
indicators have previously been crucial support for the ADA price.
Still, since the market-wide correction that began in April, the
token has been trading well below these EMAs.
Consequently, in the near term, the price must surpass the
$0.3856 mark, where the 200-day EMA is currently placed, before any
potential short-term uptrend materializes. At the time of
writing, the ADA price stands at $0.3251. Featured image from
DALL-E, chart from TradingView.com
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