ADA is primed for a possible price surge as the token’s volume increases across Cardano-based decentralized exchanges.
Chris O., a renowned Cardano proponent, has drawn the attention of the project community to an observed bullish metric. This recent development could put ADA back in a sustained uptrend motion.
Per an update, Chris revealed that the volume of ADA on DEXs rose dramatically on Tuesday, implying that investor interest in the project may be intensifying.
#Cardano community 24H DEX Volume: 33.91M $ADA. What an incredible bullish metric. Having been here from the start it is a pleasure to see how far we have come! @Cardano @cardano_whale @RichardMcCrackn @LucidCiC https://t.co/Pd4D5F9kk0
— Chris O (@TheOCcryptobro) July 11, 2023
Citing data from TapTools, a comprehensive blockchain tracking platform, he noted that the cumulative 24-hour ADA volume across several Cardano-based decentralized exchanges (DEX) clinched the 33.91 million mark. Accordingly, the successful entrepreneur saw this development as a bullish indicator for ADA, which has been underperforming in the past weeks.
Current Cardano DEX Volume
A close look at TapTools reveals that the 24-hour DEX volume of the Cardano native token stands at 29.9 million ADA at the time of writing. This indicates a decline of roughly 31% compared to the volume recorded on the previous day.
Despite recording a reduction of 7.90% in the network’s 24-hour active addresses, data showed that active addresses on Cardano reached 38,222 as of July 12. On the other hand, the daily NFT volume in the Cardano ecosystem dropped dramatically by over 36% at press time.
Amid these declines in active addresses and NFT volume, ADA price rose by roughly 1% in the last 24 hours at the time of writing. The asset is up by over 3.1% and 4.2% in the last seven and 30 days, respectively.
Despite a resurgence of selling pressure, Cardano has held above the $0.29 price threshold today. Following the recovery from the $0.22 low observed on June 10, Cardano has continued consolidating between $0.26 and $0.29.
ADA dropped below the 200-day EMA ($0.3957) on April 30 and further plummeted below the 50-day EMA ($0.3837) on May 6. The asset remains below the two EMAs, signaling the prevalence of a bearish atmosphere.
Most community members believe the asset could rally higher if the CIP-1694 proposal, which seeks to make governance on the smart contract-enabled platform more decentralized, passes. Other positive ecosystem developments could provide much-needed support.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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