- Cardano DEX’s volumes have surged dramatically in recent days.
- The price of bitcoin continued to fall despite the increased interest in this ecosystem.
Cardano [ADA] The market has recovered significantly in recent days.
Cardano Volumes on the Rise
Cardano 24 hour trading has been a success according to recent data. trading volume surpassed $350 million. Cardano’s Decentralized Exchange has seen its trading volume surpass 50 million ADA.
This increase in trading volume indicates a rising adoption of DeFi (decentralized finance) applications using the Cardano chain.
The overall health of a network can be positively affected by a higher volume of trading.
Source: X
Cardano activity has been depleted despite an increase in DEX volume on the Cardano Network.
AMBCrypto’s study of Artemis data revealed a drop in the daily number of active Cardano addresses from 39.300 to 31,000
A significant drop in the daily number of transactions has been observed on the Network, from 94,000 down to just 49,500.
Source: Artemis
As of press time, ADA traded at $0.444, up 1.89% from the previous day. ADA’s overall trend remains bearish despite the price increase, as indicated by the multiple lower lows.
Relative Strength Index rose for ADA in the past few days. It indicates that there is a growing bullish trend around this token.
Santiment
On-chain data: a look at what’s available
ADA’s trading frequency increased along with its velocity.
ADA’s MVRV ratio remained at a negative value, indicating unprofitability for holders. Thus, ADA still had room for growth as some holders may have been waiting until they were profitable to sell.
You can read more about it here Cardano’s [ADA] Price Prediction 2024-25
In the past few weeks, ADA’s Long/Short ratio has decreased significantly. The Long/Short ratio fell, meaning that new addresses now held more ADA than old addresses.
In a time of high volatility, new addresses may be more inclined to liquidate their assets. This could add significant pressure to ADA in the future.
Santiment
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Source: ambcrypto.com
