Cardano Surges 33% in Trading Volume as Recovery Gains Momentum
Cardano's (ADA) price has risen significantly over the past 24 hours, with its trading volume increasing by over 33%. This surge in activity is a positive sign for ADA's recovery from June lows.
According to data from TradingView, ADA has broken above several key technical resistance levels and is currently testing the declining 100-day exponential moving average (EMA) at $0.197. The price has also regained both the 26-day and 50-day exponential moving averages, which suggests a potential turning point for the asset.
The increased trading volume on major exchanges such as Binance, Bybit, and OKX indicates that new capital is entering the market, rather than just shifting existing positions. Additionally, derivative positioning has become more favorable, with long-short account ratios on Binance and OKX above 1, suggesting a bias towards further upside.
The bullish picture for ADA is supported by liquidation data, which shows that short liquidations have outpaced long liquidations over the past 24 hours. This suggests that sellers are being driven out of the market as ADA's price advances.