Cardano trading volume spikes! When can traders expect an ADA price rally?
ADA price was unable to sustain its gains in the previous two sessions. Multiple rejections are expected near the $1.24 critical resistance level. However, since March 28, ADA price has been stuck in a narrow range with no discernible direction.
ADA Price Action
The current market sentiment is slightly positive with ADA prices currently testing critical resistance at $1.21 on the hourly chart. The prices could reach the resistance level of $1.24 if they break above this level. If ADA prices do not rise above $1.21, a drop to the $1.17 support level is likely.
The main support level for ADA is currently at $1.17, which is being defended by bulls. If prices break through this support, they could fall to the next major support level at $1.14.
The major resistance level is $1.24.
If ADA prices can rise above $1.24, the bullish momentum will likely continue and prices will rise. ADA prices are now consolidating with a positive trend. The prices could reach the resistance level of $1.24 if they break above $1.21.
Cardano Trading volume on the rise!
Following the intrinsic growth of the Cardano network, the transaction volume recently reached $86 billion before immediately falling back. However, the network seems to be regaining momentum, according to statistics from Messarichain service.
With additional projects and solutions popping up, March ended up being one of the best months for the Cardano network, with over $200 million pouring into the ecosystem. TVL’s growth has resulted in an unprecedented $86 billion volume gain for the network.
The sharp increase in volume was also associated with the price of the underlying coin, ADA, which rose by more than 50% in just three weeks.
With the addition of new projects to the Cardano blockchain, usage of the network is likely to skyrocket, potentially leading to a massive increase in the fees users pay for transactions and other interactions with the network.