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The trading volume of perpetual futures on the popular cryptocurrency Cardano (ADA) has increased by more than 62% over the past 24 hours, according to CoinGlass. As the statistics show, the turnover of ADA futures trading over the past day has reached $300 million across all major platforms.
Also taking into account the spot market data, it can be stated that the trading volume of the Cardano token during the period under review amounted to more than $550 million. Such figures do not seem extraordinary and indicate a normal level of trading activity.
Tomiwabold OlajideHowever, considering that this volume for ADA is double-digit percentage points higher than the day before, we can talk about the renewed interest of crypto market participants in this token.
Why?
The increase in trading activity can be attributed to the current situation on ADA's price chart. After falling more than 8.8% last week, ADA has reached a major support level at $0.38. This price point has been historically significant since Cardano was listed on Binance in 2018.
It is a crucial zone where both bullish and bearish traders are most active, given the clear market signals and predictable trading conditions.
The increased trading volume at this crucial support level indicates that traders are positioning themselves for potential price movements. The increased activity reflects market participants' strategies as they anticipate ADA's next move.
Gamza KhanzadaevAs Cardano continues to attract attention, the coming days will likely reveal whether this momentum will lead to a price rebound or further declines.
Alex Dovbnya
Vladislav Sopov
Dan Burgin