Cardano Volume Surges 33% in One Day, Testing Key Resistance Levels

Cardano's price has surged by over 33% in trading volume over the past 24 hours, marking one of its strongest sessions in weeks. This recovery comes after the asset broke above several key technical resistance levels, including regaining both the 26-day and 50-day exponential moving averages.

The daily chart shows Cardano's price rising to around $0.197, with the price currently testing the declining 100-day EMA at $0.197 - a level that has halted previous recovery attempts since the start of the year.

This increase in volume is not limited to one exchange, as major platforms such as Binance, Bybit, and OKX have seen strong activity. Additionally, open interest has increased on several venues, indicating new capital entering the market rather than just shifting existing positions.

The bullish picture is further supported by derivative positioning, with long-short account ratios on Binance and OKX above 1, suggesting more traders are positioning for further upside.