Cardano (ADA) shows impressive growth in trading volume, increasing by over 100%. During the same period, the coin's price is also rising, indicating positive market trends.
Surge in Cardano Trading Volume
According to CoinMarketCap data, Cardano's trading volume increased by 111.37% over the last 24 hours, reaching $1.11 billion. This rise aligns with the climbing price of the asset, which has also shown positive trends in recent days.
Bitcoin Market Influence
Cardano's rally is also supported by the broader market influence of the flagship cryptocurrency, Bitcoin (BTC). Cardano has historically shown correlation with Bitcoin, which may assist in breaking the $0.65 resistance level. Currently, Bitcoin trades at $111,301.30, having increased by 2.19%.
Price Analysis and Forecasts
Technical analysis indicates that for price stabilization, Cardano bulls need to support a push above the $0.64 - $0.65 resistance zone. Narrowed Bollinger Bands also signal potential for steady growth in the future.
In light of current trends, the trading volume and price indicators for Cardano might suggest positive changes in the market. The next few days will be crucial for the coin's further movement.
