Cardano’s ADA Sees Surge in Trading Volume to $300M: What’s Next for the Price Forecast
Cardano’s price has recently shown signs of a bullish reversal. After facing a challenging period in May 2024, where it was among the worst-performing assets in the top 20 market rankings, Cardano has experienced a resurgence in early June.
Cardano Price Reversal in June
The negative impact of Ethereum ETF approvals on rival layer-1 networks contributed to ADA’s struggles in May. However, with uncertainty surrounding the official launch of the ETF, investor sentiment has cooled off, leading to a renewed interest in ADA.
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Since Cardano’s price dropped below $0.44 on May 31, there has been a significant increase in demand for ADA. Its price has surged 4.4% in the first four days of June, adding over $500 million to its market cap.
Cardano Trading Volume Surpasses $300M after Weeks in Decline
The trading volume for Cardano has also seen a notable increase, surpassing $300.63 million as of June 4, reflecting an additional demand of $132 million over the last 4 days. This surge in trading volume following a major price trend reversal indicates strong market interest, potentially leading to further price increases.
Will Cardano Hits $0.50?
Despite the positive momentum, there is a major resistance level at $0.48, with a significant number of ADA holders acquiring the cryptocurrency at this level. If ADA’s price can surpass this resistance level, it may gain momentum and extend the rally beyond the $0.50 milestone. Conversely, if a correction occurs, the $0.44 support level could be critical in the short term.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
