Will Rise in Cardano NFT Market Uplift ADA Price From the Deep Bearish Well?

The Cardano NFT markets have seen an increase in activity. In the last week, the market has increased by more than 40% in terms of volume, trades, and the number of NFTs sold. The volume during the last trading day also surged above $3 million, registering a spike of more than 70%. 

According to some reports, this spike in the volume was led by traders who shifted from Solana to Cardano. Despite a significant rise in the volume and the number of transactions, the price point is towards the south, which makes the current market conditions pretty challenging for the market participants. 

The ADA price swing has been more extensive since the beginning of the monthly trade which was largely preoccupied with the bears. Surprisingly, the growing NFT volume rarely impacted the price in the spot market as it continues to trade around $0.372. The asset has slid down the crucial support levels and failing constantly to rebound & regain the levels above $0.4. 

The ADA price remains in the falling wedge, and the recent turn from the lower support rekindles hopes of an upswing towards the resistance. As a result, in the coming days, one can anticipate a significant upswing to $0.38, with the price potentially rising above $0.4 after a strong breakout from the wedge. With a rebound, the price is initially believed to hit $0.41 which may be followed by a minor consolidation ahead. 

Collectively, the network may witness enhanced activity as the social dominance is also rising slowly. With increased social engagement, the traders are expected to shift their focus back to the platform which may in urn impact the ADA price which could begin a significant upswing ahead.