Cardano Trading Volume Soars 31 Percent: Will ADA Coin Rise?
According to CoinGlass data, the popular cryptocurrency Cardano The volume in derivatives transactions has increased significantly recently. According to the data, a 31% increase in the last 24 hours is striking. In the period under review, the trading volume in ADA futures was recorded as $457.71 million
In addition, Cardano’s spot market trading volume increased by 20% in 24 hours to $358 million. This brings ADA’s total trading volume across all markets to over $800 million.
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With Cardano’s total market cap at $13.9 billion, the trading volume-to-market ratio is calculated as 5.75%, indicating normal levels of trading activity.
However, there is a reason for the 20% or even 30% increase in recent days. The reason behind Cardano’s increased activity is that ADA has reached an important support level at $0.38.
Since the beginning of the week, Cardano price has fallen by about 5%, with the biggest loss occurring yesterday. As a result, ADA has reached this important support level, making its price more attractive, and this presents a buying opportunity for sensible traders.
Now everything depends on whether Cardano can stay above this level. For now, $0.38 acts as support, but a move below this level could turn support into resistance and be a difficult target to break above. The same goes for a possible drop below the level, so ADA bulls shouldn’t be too concerned at the moment.
