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In the last 24 hours, Cardano (ADA) trading volume has skyrocketed by 145%, signaling increased activity among traders.
According to CoinMarketCap data, Cardano's trading volume came to $1.26 billion in the last 24 hours, representing a 145% surge. The rise in trading volumes follows a major market sell-off at the start of the week, which saw Cardano drop by up to 10%.
Cryptocurrencies recorded nearly $860 million in liquidations on Monday as traders took profits ahead of this year's first Federal Open Market Committee meeting in the U.S. Cardano dipped to lows of $0.8565 in today's session, extending Sunday's drop before slightly rebounding.
Tomiwabold OlajideAt the time of writing, ADA was trading at $0.921, albeit still down 7.03% in the last 24 hours. Cardano is making another push for the $1 mark after earlier falling below it.
Cardano price action
Cardano started declining after reaching highs of $1.16 on Jan. 17. The declines extended, with Cardano dropping below the daily SMA 50 at $0.985, where prices have stagnated since Jan. 20.
For Cardano to regain the $1 level, it will need to overcome the daily SMA 50 at $0.985. A sustained increase in trading volume, coupled with bullish sentiment, could pave the way for a breakout. However, ADA’s ability to maintain its momentum might depend on several factors, including the overall recovery of the cryptocurrency market.
If the ADA price reclaims $1, the $1.16 level may become the next target. Bulls will need to push and hold the price above this level to mark the start of an upward move to $1.33. On the downside, a drop below current price levels might see a drop to $0.76.
Expectations are in place for the Plomin mainnet hard fork governance action, which is expected to be enacted on Jan. 29, 2025.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov