Cardano (ADA), the 10th-ranked cryptocurrency, has experienced a significant surge in volume, increasing by over 100% as investors actively engage in transactions. The uptick in volume might be connected to the increasing value of Cardano. In the last seven days, the price has climbed by over 3.39%.
Trading volume explodes as Cardano bulls drive momentum
According to CoinMarketCap data, the trading volume increased by a massive 111.37% over the last 24 hours to $1.11 billion. The spike aligns with the price increase of the asset, which has continued its upward movement within this time frame.
As of press time, Cardano’s price was trading at $0.6267, representing a 5.09% increase in one day. The coin rose from a low of $0.5929 to a peak of $0.6327 in earlier trading sessions. The slight pullback could have been a result of volatility.
However, ADA appears poised to retest higher levels, riding on several supports. Notably, the increased volume suggests Cardano bulls are in control and might drive prices further up if they sustain the current momentum.
Technical analysis indicates that, for Cardano to stabilize in price, ecosystem bulls must support a push above the $0.64 to $0.65 resistance zone. If the asset clears this level, a breakout is possible.
Bitcoin rally adds fuel to ADA’s momentum
Cardano’s current rally is also supported by the broader market influence of the flagship cryptocurrency, Bitcoin (BTC). Historically, ADA has shown correlation with Bitcoin, and the coin is on the verge of surpassing its all-time high of $111,970, set in May 2021.
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Bitcoin currently trades at $111,301.30, having rallied by over 2.19% within the same time frame. Cardano has been sensitive to BTC’s momentum and may ride on this to break through the $0.65 resistance levels ahead.
Additionally, as U.Today reported, Cardano’s Bollinger Bands have narrowed, signaling potential for possible steady growth. The activities of bulls in the Cardano space will likely determine how high prices can climb in the ongoing rally.