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A lot is happening with Cardano (ADA) on the broader cryptocurrency market. The coin climbed past the $1 level on the news of its inclusion in the U.S. strategic crypto reserve. Despite registering corrections after its initial leap, the Cardano ecosystem has remained highly liquid in the past 24 hours.
Cardano’s high liquidity and market sentiment
Data from CoinMarketCap indicates that over 6.88 billion ADA, valued at $5.58 billion, were transacted within this period. The high liquidity might signal the continued positive sentiment of market participants toward ADA.
The over 40% profit might have sustained this bullish outlook.
Alex DovbnyaAnalysts are optimistic that if investors increase their purchases of Cardano, the market will rebound from the present correction. Some have predicted that ADA could stabilize above $1.20 in the coming days.
As of this writing, ADA's price was changing hands at $0.8127, having witnessed a 16.43% correction on the market. Cardano’s trading volume is also down by 48.18% to $5.45 billion.
Market watchers consider the drop in trading volume insignificant, given that the asset's volume had spiked by 1,700% over the past 48 hours.
Investors eye ADA’s next move
However, financial experts maintain that the coin could experience a major shift once investors revive their accumulation of ADA. This move seems likely given ADA’s inclusion among assets in the SBR.
Although Cardano has experienced a price correction, some speculate a possible 30% surge for ADA in the short term.
Gamza KhanzadaevInvestors will watch market dynamics to see how ADA performs in the next few days. Many anticipate that new entrants will support ADA’s determination to quit the "zero dollar price club" and stay above $1.
Additionally, with its recently ratified governance model, the Cardano ecosystem could also serve as a positive factor driving investor engagement. Such development could support ADA in achieving its goal of avoiding the bearish outlook.
Dan Burgin
Vladislav Sopov