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Cardano (ADA), the 10th-ranked cryptocurrency asset, has dipped by 7.12% in the last seven days amid market volatility. As the bull-bear struggle continues to grow, Cardano is showing signs of a possible shift in its outlook.
Cardano trading volume turns green amid price slump
According to CoinMarketCap data, Cardano’s trading volume has climbed out of the red zone and is now in the green, soaring by 4.84%. This represents $1.2 billion of ADA being traded by market participants in the last 24 hours.
The uptick in trading volume suggests that investors might be repositioning their portfolios ahead of a possible breakout in price. As of press time, Cardano was changing hands at $0.8058, which reflects a 3.66% decline within the same period.
This indicates that despite the downward pressure exerted by the decreasing price, volume is up, likely as a result of some investors engaged in profit-taking. However, other investors consider this a buying opportunity and continue to accumulate the coin in anticipation of a breakout.
Cardano is exhibiting signs of a possible breakout given its price movements in the last 24 hours. Notably, ADA rose from a low of $0.7817 to peak at $0.8381, a clear indication of its growth potential if market participants do not interfere by selling to take profit.
Starstream upgrade could be next catalyst
With ADA registering over 40% growth in July alone, ecosystem investors are bullish that the asset will move closer to the crucial $1 level. Within the last 10 days, Cardano soared in price as it posted a "god candle" and reached a peak of $0.935, just a few cents away from $1.
Such unexpected price movements are fueling sentiment that Cardano has what it takes to flip $1 and climb to higher levels.
With the Cardano development team planning a major overhaul on the Starstream, the upgrade might have a significant impact on the network by making it more competitive. The development could boost investors’ confidence and trigger a rally.
Vladislav Sopov
U.Today Editorial Team