Cardano’s ADA Gains Over 6% Amid Increased Trading Volume
Cardano's native token (ADA) increased over 6% in the past 24 hours amid a broader crypto rally, with notable trading volume spikes. Market analysts have differing views on ADA's short-term future:
- Some suggest a bullish reversal with targets of $0.70-$0.72.
- Others cite bearish indicators, such as declining active wallets and high exchange outflows.
The economic environment remains uncertain due to President Trump's tariff policies, affecting crypto markets. Investors are monitoring technical and macroeconomic factors to assess ADA's recent volatility.
Technical analysis highlights
- ADA reached a peak of $0.611, marking a 5.69% increase from an opening price of $0.578.
- Strong buying support emerged around $0.590 with a volume of 48 million at 05:00 UTC.
- A pullback encountered resistance at $0.609 with 81.6 million in volume, indicating profit-taking after the rally.
- From July 3, 14:50 to 15:49 UTC, ADA declined from $0.599 to $0.589, a 1.7% loss.
- A sharp sell-off occurred at 15:35, dropping to $0.589 with a volume of 7.5 million, establishing support.
- Recovery attempts between 15:36 and 15:42 UTC formed a minor consolidation at $0.591 but failed to maintain momentum.
- Prices showed potential for reversal, bouncing from a low of $0.588 to close at $0.589, indicating possible exhaustion of bearish momentum.