Cardano Trading Volume Spikes! When Can Traders Expect ADA Price Rally ?
The post Cardano Trading Volume Spikes! When Can Traders Expect ADA Price Rally ? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide The ADA price has been unable to maintain its gains over the previous...
The ADA price has been unable to maintain its gains over the previous two sessions. Multiple rejections are expected near the critical resistance level of $1.24. However, since March 28, the price of ADA has been stuck in a narrow range with no discernible direction.
ADA Price Action
The current market attitude is mildly positive, with ADA prices currently testing critical resistance at $1.21 on the hourly chart. Prices could rise to the $1.24 resistance level if they break above this level. If ADA prices fail to break above $1.21, though, a drop to the $1.17 support level is probable.
The main support level for ADA is currently $1.17, which is being defended by bulls. If prices break through this support, they may fall to the next major support level at $1.14.
The major resistance level is $1.24.
If ADA prices can break over $1.24, the bullish momentum will likely continue, and prices will rise. Prices of ADA are now consolidating with a positive tendency. Prices could rise to the $1.24 resistance level if they break above $1.21.
Cardano Transaction volume on the rise!
Following the Cardano network’s intrinsic growth, transaction volume recently reached at $86 billion before immediately retracing down. The network, however, appears to be regaining momentum, according to statistics from Messari, an on-chain service.
With additional projects and solutions appearing, March ended up being one of the finest months for the Cardano network, with more than $200 million flowing into the ecosystem. The growth of the TVL resulted in a never-before-seen volume gain of $86 billion for the network.
The high increase in volume was also associated with the price of the underlying coin, ADA, which increased by more than 50% in just three weeks.
With the addition of new projects to the Cardano blockchain, the network’s utilisation is likely to skyrocket, potentially resulting in a massive spike in the fees that users pay for transactions and other interactions with the network.
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