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Cardano Skyrockets 90% in Volume as ADA Price Makes Surprising Reversal

Thu, 9/05/2024 – 15:39

Cover image via youtu.be

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Cardano (ADA), the 10th-largest cryptocurrency by market cap, has recently experienced a remarkable surge in trading volume, coinciding with a surprising reversal in its price trajectory. This sudden uptick in activity has caught the attention of traders and investors, sparking speculation. 

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According to CoinMarketCap data, Cardano’s (ADA) trading volume has risen over 90% in the last 24 hours, with nearly half a billion dollars ($500 million) exchanged. 

This surge in volume suggests a significant influx of buying and selling activity, indicative of higher market activity and increased liquidity for the cryptocurrency.

With the spike in trading volume, ADA’s price has unexpectedly reversed. 

After three consecutive days of declines, ADA’s price rebounded to reach highs of $0.469 on May 8. ADA was still sustaining its prior day gains at the time of writing, unlike the majority in the top 10, including Bitcoin and Ethereum, which traded in the red.

TradingView
ADA/USD Daily Chart, Courtesy: TradingView

ADA was up 1.56% in the last 24 hours at the time of writing to $0.452, having erased some of its gains. 

This seeming reversal has sparked renewed enthusiasm among the Cardano community and potential investors, who are now keenly observing ADA price performance.

Also, several cryptocurrencies are seeing a decline in trading volume, indicating that traders have been indecisive. This context makes Cardano’s volume increase all the more significant, as it bucks the general market trend.

Given the recent increase in both volume and price for ADA, the crypto community is keeping a careful eye on whether this trend will continue. On the upside, ADA meets its next resistance level at $0.476; if prices fall, support will be seen near the $0.418 level.

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