Cardano Volume Rockets 63% in Last Push for Rebound
Cardano (ADA) demonstrates rebound potential with a 63% surge in trading volume, signaling renewed investor interest. Despite this, its price remains at $0.5390, down 6.5% over the last day. Recent network upgrades like 'Ouroboros Phalanx' and NIGHT token mining are enhancing the ecosystem's appeal. Technical indicators such as RSI and MACD show short-term strength, with potential breakout levels at $0.70 if resistance at $0.65 is surpassed. Analysts speculate possible future growth with a target of $1.50 based on chart patterns.
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Cardano Trading Volume Surges
Cardano (ADA) is showing rebound potential, as indicated by its surging trading volume. In the past 24 hours, the Cardano trading volume increased by 63%, indicating investors' renewed confidence in the coin.
Increased Market Activity
According to CoinMarketCap data, the ADA daily trading volume rose by 63% to $1.59 billion. On the crypto market, a surge in volume is often interpreted as a sign of increased market activity and investor interest, which could potentially lead to a price rebound. A 63% increase in trading volume means that more ADA coins are being bought and sold within the 24-hour trading period. Increased trading volume can sometimes precede price movements as it reflects renewed confidence among traders and investors.
Price Implications and Current Trends
For now, the surging trading volume has yet to reflect in the price of ADA. As of this writing, ADA is trading at $0.5390, a decline of 6.5% over the previous day. Recent upgrades to the Cardano network, such as the introduction of new features, might attract more users and investors.
New Cardano Developments
Recently, Cardano developer Input Output announced a major security-boosting upgrade called ‘Ouroboros Phalanx’. This upgrade is in the final stages of testing and aims to solve grinding attacks. Furthermore, Midnight Foundation CTO Sebastien Guillemot confirmed the launch of mining for NIGHT tokens, which can be mined by anyone with a web browser and internet connection, adding further appeal to the Cardano network.
Outlook for ADA Holders and Investors
For those holding ADA, the increase in volume might signal a good time to monitor the market closely, as it could lead to a major price rally. For potential investors, it might indicate an entry point if they believe in the long-term potential of Cardano.
Technical Analysis and Predictions
The Relative Strength Index (RSI) is showing short-term strength for the ADA coin. Additionally, the Moving Average Convergence Divergence (MACD) indicator has turned positive, and the price is currently above the 20-day simple moving average. ADA could see a breakout at $0.70 if it manages to break above the $0.65 resistance. On the other hand, a decisive move below $0.60 might sustain the ongoing weakness and open the door to renewed selling pressure.
Analyst Forecasts a Potential Breakout
Popular onchain analyst Ali Martinez forecasted that Cardano could see a breakout towards $1.50. The analyst's prediction is based on a channel pattern that emerged on the 12-hour chart. This optimistic projection provides hope for ADA holders and traders keeping a close eye on market movements.