Cardano’s ADA experiences a 31% surge in trading volume, finding crucial support at $0.38, indicating strong market interest and potential for price recovery.
Points
- Cardano’s ADA trading volume increases by 31% in 24 hours.
- Spot market volume also soared by 20%, reaching $358 million.
- ADA finds critical support at $0.38 after a 5% weekly decline.
- The token’s price stability hinges on maintaining this support level.
Cardano （ADA） has seen a significant surge in trading volume, with derivatives on the popular cryptocurrency recording a 31% increase in the last 24 hours. CoinGlass data reveals a turnover of $457.71 million in Cardano perpetual futures during this period. Spot market trading volume also climbed by 20%, reaching $358 million, bringing ADA’s total trading volume across all markets to over $800 million.
This surge in activity comes as ADA finds vital support at $0.38, following a 5% decline earlier in the week. The critical support level has become a focal point for traders, with ADA’s price stability largely dependent on maintaining this threshold. A breach of this support could turn it into a resistance level, complicating efforts for a price recovery.
Cardano’s price has been on a downward trajectory since the beginning of the week, culminating in the loss of key support yesterday. However, the increased trading volume suggests that traders find ADA’s current price level attractive, potentially setting the stage for a rebound.
For ADA to regain upward momentum, it must stay above the $0.38 support level. Should the price fall below this level, the token could face further declines, turning the current support into a new resistance. Conversely, holding above $0.38 may enable ADA to target higher price points, initiating a potential recovery phase.
解説
- Cardano’s recent surge in trading volume indicates strong market interest, particularly around the $0.38 support level.
- The increased activity in both derivatives and spot markets suggests that traders are keen on ADA’s current price point, possibly anticipating a rebound.
- Maintaining the $0.38 support is crucial for ADA’s price stability and potential recovery; a breach could lead to further declines.
- Traders should monitor this support level closely and watch for signs of either a bullish reversal or continued downward pressure.
- Understanding market dynamics and key support and resistance levels can help investors make more informed decisions about their ADA
holdings and trading strategies.