Cardano Volume Spikes 116%, ADA Bulls Eye Key Resistance

Cardano's (ADA) recent surge in trading volume has sparked speculation about a potential bull run. The asset's price surpassed the crucial $0.20 level, with trading volume rising by more than 116% over the last day.

This significant increase in activity comes after Cardano spent several weeks constructing a higher-low structure following its June bottom. As buyers took back control, the token extended its recovery toward the 100-day moving average and recovered the 20-day and 50-day moving averages.

The recent rally has been accompanied by a sharp increase in spot trading activity across major exchanges, with Binance reporting over $334 million in ADA trading volume alone. This level of participation lends credibility to the move, which has also seen an improvement in sentiment on derivatives platforms.

From a technical standpoint, Cardano is approaching a turning point, with both the 20-day and 50-day moving averages having been successfully recovered by the price. However, the 100-day moving average, located between $0.197 and $0.20, now acts as immediate resistance.