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Cardano (ADA) is on display recovery potential, as indicated by its growing business volume. In the last 24 hours, the trading volume of Cardano increased by 63%, indicating the renewed confidence of investors in the coin.
Cardano market activity is growing
According to Data from CoinMarketCapADA’s daily trading volume increased by 63% to $1.59 billion.
In the crypto market, an increase in volume is often interpreted as a sign of increased market activity and investor interest, which could result in a price rebound.
A 63% increase in trading volume indicates that more ADA coins are 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.
For now, the growing trading volume has not yet reflected in the price of ADA. At this writing, ADA is trading at $0.5390, down 6.5% over the previous day.
Thus, the recent updates of the Cardano network, such as the introduction of new features, could attract more users and investors.
Recently, the developer Cardano Input Output announced a major security update called “Ouroboros Phalanx”. This update is in the final stages of testing, with the aim of solving grinding attacks.
In addition, the CTO of the Midnight Foundation Sebastien Guillemot confirmed the launch of mining for NIGHT tokens. This token distribution, which is open to anyone with a web browser and an internet connection, seems to have increased the appeal for the Cardano network.
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Is there hope for ADA holders?
For those holding ADA, this increase in volume could signal a good time to monitor the market closely, as it could lead to a big price rally. For potential investors, it could indicate an entry point if they believe in Cardano’s long-term potential.
Additionally, the Relative Strength Index (RSI) shows short-term strength for the ADA coin. Furthermore, the Moving Average Convergence Divergence (MACD) indicator has turned positive, and the price is above the 20-day simple moving average.
ADA could see a breakout to $0.70 if it manages to break above the $0.65 resistance. However, a decisive move below $0.60 could support ongoing weakness and open the door to renewed selling pressure.
The popular onchain analyst Ali Martinez predicted it earlier Cardano could see a breakthrough towards $1.50. The analyst based his forecast on a channel pattern that emerged on his 12-hour chart.
