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The price of Cardano (ADA) has not shown any signs of a rebound. It has been consolidating in the past few days. While it appears that bears are controlling the market, bulls are not completely sitting on the sidelines. The ADA price has started to get strong support from traders.
The trading volume of Cardano, according to CoinGlass, has surged 96.99% in the last 24 hours. This massive jump took the volume to the $365.83 million level. On July 27, ADA was witnessing a trading volume of $214.14. This makes today’s jump in the volume a crucial indicator of what’s coming for ADA.
Notably, $171.29 million of the total volume comes from crypto exchange Binance, $76.39 million from Bybit, $47.21 million from OKX, among others. This data shows us that Cardano is getting traction across all trading platforms. Moreover, traders are now trying to buy the dips.
ADA price gets major support
The price of ADA has remained on the lower levels. It appears that traders are considering it a key opportunity to buy ADA at the lower price level. While this accumulation trend is bullish itself, it also brings new holders into the market. Eventually, Cardano is expected to take advantage of this support in the long term.
As of writing this article, ADA is trading at $0.4124 after a minor decrease of 0.95% in the last 24 hours. While the price is not showing any upward movement, it has remained 5.68% up over the last 24 hours. These figures reveal that ADA is not really in a bearish zone.
The coin is just consolidating along with the broader crypto market. However, the broader sentiment still remains bullish. Cardano, the brainchild of Charles Hoskinson, is also witnessing major developments on the network. Overall, the broader outlook for ADA is optimistic despite the current volatility in the market.
Godfrey Benjamin
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov