Cardano gained momentum with the ASI token launch, hitting $286.81M in transaction volume. However, it may also be facing a...
has seen renewed interest after the integration of the ASI token into its blockchain. This development, along with greater activity in decentralized finance , has drawn attention to the network again. Despite these positive moves, however, ADA’s price did drop byCardano has been consolidating in a tight range between $0.302 and $0.395, with traders closely watching the $0.395 resistance level. The Bollinger Bands revealed a narrow trading range, typically signaling upcoming volatility.
Cardano’s technical indicators still presented a mixed picture though. For instance, the Relative Strength Index was found at 48.37 – A sign that the market was in a neutral zone, providing room for price growth.ADA’s trading volume fell by 3.16% in the past 24 hours too, bringing the total volume to $232 million. This decline in volume may hinder ADA’s ability to break through the $0.395 resistance. A stronger volume hike would be needed to confirm a bullish breakout.
An uptick in trading and transaction volume will be critical for ADA to break out of its current consolidation. Traders should remain cautious, monitoring key levels and activity across the network before confirming a long-term bullish trend.Erastus is a dedicated cryptocurrency journalist and financial analyst with over 4 years of experience in the blockchain and fintech sectors.
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