- Cardano (ADA) has experienced a remarkable uptick in trading volume that has coincided with a price recovery.
- Changing market dynamics influenced by the upcoming Bitcoin spot ETF approval continue to dictate market trends.
Cardano (ADA) has recorded a remarkable surge in the last 24 hours signaling renewed interest in the digital asset. Data from CoinGlass shows that trading volume has skyrocketed by more than 100% to reach over $900 million. However, it is important to note that CoinGlass data incorporates the spot and derivatives markets in its data. Interestingly, the uptick in trading volume coincides with a price recovery for ADA.
According to our data, ADA has recorded an increase of more than 6%. This marks a recovery for the digital asset which at the time of press has lost around 17% in the last 7 days. At the time of press, ADA is trading at $0.5199.
Current prices mark a significant drop after the altcoin ended 2023 with a 12-month high of $0.6755. Despite the recent drop, investors are confident the altcoin will mark a new year high above this.
Since the start of the month, ADA has shown a consistent uptick in trading volume. As CNF reported, the rise in trading volume has further coincided with increased whale activity. Crypto analyst Ali stated earlier this month that In the last two weeks, whales bought over 14 million ADA, worth around $8.40 million. The analyst has further revealed that Cardano’s price action is echoing its 2018-2020 pattern.
So far, #Cardano price action is echoing its 2018-2020 pattern!
If this trend continues, we might see $ADA consolidating around its current levels until April, setting the stage for a potential resumption of the bull run. pic.twitter.com/bMy8zrxQIp
— Ali (@ali_charts) January 8, 2024
Early investors will remember that preceding the 2018-2020 pattern that could be described as an accumulation phase, ADA went on a bullish run. In 2021, the 9th-ranked coin marked a new all-time high by reaching $3.09. Ali continues to state, that if the current trend continues, “ we might see $ADA consolidating around its current levels until April, setting the stage for a potential resumption of the bull run.”
Further fueling ADA’s rally in 2024 is expected network development from the team. In a post, the team discussed upcoming developments beginning with a key technical update dubbed the Chang hard fork. The team further discussed plans to advance toward full Cardano community governance through the Voltaire upgrade. More real-world asset tokenization is also expected this year as well as more third-party dApp development on the network.
Crypto analyst Lucid predicts that based on the technology behind Cardano, the exuberant community, the strength of the network, and the determination shown by the development team, Cardano will dominate in 2024 and easily see ADA reach $10.
$ADA is going to $10!🔱
The Technology is too Advanced!
The Community is too Powerful!
The Developers are too Smart!
The Blockchain is too Secure!
Cardano will dominate 2024!👑
— Lucid (@LucidCiC) January 7, 2024
