Cardano (ADA) Price It is making waves in the market with its huge rise and surging volume. In the last 24 hours, the price of ADA has caught the attention of both traders and analysts due to its 83% increase in volume and a noticeable surge. The bullish momentum has raised expectations for a continued uptrend, leading many to wonder if this is the beginning of a major price rally for Cardano.
Cardano’s explosive volume growth
According to the data platform, Cardano’s trading volume has surged by over 83% in the last 24 hours. The total trading volume now stands at $395.69 million, with significant contributions from Binance, Bybit, OKX, and other major exchanges. Binance is leading the pack, accounting for $180.16 million in trading volume. This increase in activity indicates strong buying interest as traders appear to be betting on a potential ADA price rally.
This surge in volume follows a broader market correction in which ADA experienced significant losses. However, sentiment towards Cardano appears to be changing as traders are now opening new long positions. If the coin continues to attract this level of interest, a potential rally could be in the offing.
ADA Price Movement: Cardano Gains Momentum
Cardano price has responded positively to the increased trading volume. ADA price has risen by 7% in the last 24 hours, rising from $0.3306 to $0.3595 after hitting a low of $0.307 a few days ago. This bounce shows that market participants are becoming more bullish on ADA, leading to expectations of further gains. The next major resistance level is $0.3655, above which ADA must break to start a sustained price rally.
ADA’s recent performance has caught the attention of the cryptocurrency community, with prominent analysts discussing the possibility of continued bullish momentum. Dan Gambardello, a well-known Cardano supporter, highlighted the journey that ADA goes through in different stages of market sentiment while explaining the Cardano market cycle.
Cardano Price Analysis: ADA Price Cycle and Market Sentiment
Some analysts characterize ADA price action as a cyclical pattern, suggesting that the current phase corresponds to what he calls the “I told you, you should have listened” phase. This phase is characterized by skepticism and frustration among market observers, but could signal the beginning of another major price surge. According to these analysts, the Cardano price is currently rebounding after hitting a low of $0.303, marking the fifth day in a row of six positive price action days.
The broader cryptocurrency market is also contributing to ADA’s recent surge, with positive moves in U.S. and Asian stocks supporting the rally. Additionally, ongoing developments within the Cardano ecosystem, such as upgrades and new partnerships, are further driving interest in the token, enhancing its utility and adoption.
Cardano Price Prediction: What Does the Future Hold for ADA?
The price of Cardano is currently trading above the daily simple moving average (SMA) of 50 at $0.354. This is a key technical level that ADA has struggled to break above in the past. If ADA continues to break above this level, the next target could be $0.456 and potentially reach the SMA 200 at $0.468. However, in the event of a downside move, Cardano has established solid support levels at $0.27 and $0.30.
Market participants are currently watching ADA’s ability to maintain its current momentum. The crypto community is optimistic, but much will depend on the broader market situation and whether ADA can break through key resistance levels.
Cardano’s recent price surge and volume explosion demonstrates growing interest from traders and investors. As market sentiment turns more bullish, ADA could be at the peak of a sustained rally. However, it needs to break through key resistance levels to gain the next upside momentum. As the market watches closely, all eyes are on Cardano’s ability to capitalize on this momentum.