In the last 24 hours, Cardano (ADA) trading volume has skyrocketed by 145%, signaling increased activity among traders.
According to CoinMarketCap data, Cardano's trading volume came to $1.26 billion in the last 24 hours, representing a 145% surge. The rise in trading volumes follows a major market sell-off at the start of the week, which saw Cardano drop by up to 10%.
Cryptocurrencies recorded nearly $860 million in liquidations on Monday as traders took profits ahead of this year's first Federal Open Market Committee meeting in the U.S. Cardano dipped to lows of $0.8565 in today's session, extending Sunday's drop before slightly rebounding.
At the time of writing, ADA was trading at $0.921, albeit still down 7.03% in the last 24 hours. Cardano is making another push for the $1 mark after earlier falling below it.
Cardano price action
Cardano started declining after reaching highs of $1.16 on Jan. 17. The declines extended, with Cardano dropping below the daily SMA 50 at $0.985, where prices have stagnated since Jan. 20.
For Cardano to regain the $1 level, it will need to overcome the daily SMA 50 at $0.985. A sustained increase in trading volume, coupled with bullish sentiment, could pave the way for a breakout. However, ADA’s ability to maintain its momentum might depend on several factors, including the overall recovery of the cryptocurrency market.
If the ADA price reclaims $1, the $1.16 level may become the next target. Bulls will need to push and hold the price above this level to mark the start of an upward move to $1.33. On the downside, a drop below current price levels might see a drop to $0.76.
Expectations are in place for the Plomin mainnet hard fork governance action, which is expected to be enacted on Jan. 29, 2025.
