The 10th-largest cryptocurrency by market capitalization, Cardano (ADA), recently saw an unexpected reversal in its price trend along with an astounding increase in trading volume. Traders and investors have become interested in this abrupt increase in activity, which has led to conjecture.
Nearly $500 million worth of transactions have been made on Cardano (ADA) in the previous 24 hours, increasing the trade volume by over 90%, according to CoinMarketCap statistics.
This volume rise is suggestive of a large flood of buying and selling activity, which is an indication of increasing market activity and bitcoin liquidity.
The sudden turnaround in ADA’s price can be attributed to the increase in trading volume.
Following three days of losses, the price of ADA increased and peaked on May 8 at $0.469. As of writing, ADA has maintained its gains from the previous day, in contrast to most of the top 10, which included Ethereum and Bitcoin, which saw negative trading.
ADA has lost some of its gains and was up 1.56% over the previous day to $0.452, as of this writing.
Prospective investors and the Cardano community are once again excited about this apparent turnaround and are closely monitoring the price performance of ADA.
Additionally, the trading volume of a number of cryptocurrencies is declining, suggesting that traders have become hesitant. Given this, Cardano’s volume gain is all the more noteworthy because it deviates from the overall market trend.
The cryptocurrency community is closely monitoring if the current rise in ADA’s price and volume will continue. If prices decline, support will be found around the $0.418 level. If prices rise, ADA will encounter its next resistance level around $0.476.
