Cardano Transaction Volume Jumps 200%, ADA Price Improves

Cardano Feed, the Decentralized News Aggregator that enables community members and users to share news about the Cardano Ecosystem, recently shared updates about the ecosystem. Reportedly, Cardano had recorded a notable increase in daily transaction volume, growing by 205.01% since the year’s beginning, with more than 26 billion ADA transacted a day.

Reportedly, the transaction count has remained steady during bear market conditions, showcasing a 33.45% surge from the yearly lows and a recent significant peak in daily transaction volume, reaching a three-month high of 98,000 transactions in just one day.

Cardano (ADA) sits at the seventh rank in terms of market cap, according to CoinMarketCap. The Ethereum killer experienced a 24-hour price rise of 0.90% and a weekly surge of 0.95%, taking its price to $0.3708 at press time.

Meanwhile, ADA’s 24-hour trading volume stood at $159,261,041. Furthermore, the price of ADA was nearer to its 24-hour high of $0.3751, while the altcoin’s daily low stood at $0.3667.

ADA/USDT Daily Chart (Source: TradingView)

At press time, ADA’s price traded between the 9 EMA and 20 EMA lines on its daily chart, using its 9 EMA as support. Ever since the death cross on its chart at the end of the previous month, ADA has been stumbling. With the 20 EMA line positioned above the 9 EMA line, ADA appears to be in a short-term bearish cycle.

However, the RSI indicator brings more positive news. With the RSI line rising above the RSI SMA line at a value of 46.9, a bullish move could be expected. This would depend on whether the RSI can maintain the upward slope and progress further away from the oversold territory.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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