Cardano (ADA) has been experiencing a lack of price rebound in recent days, with the market being mainly controlled by bears. However, traders are showing strong support for ADA, leading to a surge in trading volume of 96.99% in the last 24 hours according to CoinGlass. This increase has taken the volume to $365.83 million, a significant jump from $214.14 million on July 27th. The data also shows that Cardano is gaining traction across all trading platforms, with major contributions coming from exchanges like Binance, Bybit, and OKX.
The price of ADA has been at lower levels, prompting traders to see it as an opportunity to accumulate at a lower price point. This accumulation trend is not only bullish, but it also brings new holders into the market, potentially leading to long-term growth for Cardano. Despite a minor decrease of 0.95% in the last 24 hours, ADA has remained 5.68% up overall, indicating that it is not in a bearish zone. The coin is currently consolidating along with the broader crypto market, but the overall sentiment remains positive for Cardano.
With ADA trading at $0.4124, Cardano, led by Charles Hoskinson, is seeing significant developments on its network, boosting the optimistic outlook for the coin. The market sentiment remains bullish, and traders are actively buying the dips, showing strong support for ADA. As the broader crypto market also remains positive, Cardano is expected to benefit from this momentum in the long run.
In conclusion, Cardano (ADA) has been consolidating in recent days, with bears controlling the market, but traders showing strong support for the coin. The surge in trading volume indicates growing interest in ADA across various platforms. Despite remaining at lower price levels, ADA is seen as an opportunity for traders to accumulate and bring new holders into the market. With major developments on the Cardano network and an overall bullish sentiment in the crypto market, the outlook for ADA remains optimistic in the face of current market volatility.
