Cardano (ADA) jumps almost 4% amidst 996 million trading volume in one day
Cardano (ADA) has experienced a significant surge of almost 4% in value, accompanied by a trading volume surpassing $996 million within the span of just 24 hours. This spike in trading activity indicates a rebound for ADA after a period dominated by downward movement, with close to 1 billion tokens being exchanged in a single day.
Cardano (ADA) currently holds the title of the ninth-largest cryptocurrency as per market capitalization and has garnered attention due to its notable trading volume of 996,010,000 ADA in the last day. This surge in trading activity aligns with an overall recovery trend observed in the cryptocurrency market during early trading on Thursday.
As of the latest data, ADA is being traded at $0.703, reflecting an almost 4% increase over the previous 24-hour period. This positive trend comes after a challenging week for ADA, marked by price drops on the majority of days. The rebound seen on Thursday is particularly significant for stakeholders monitoring Cardano’s performance amidst market fluctuations.
Following a brief dip to $0.666 on Wednesday, ADA saw a recovery to $0.709 during early trading on Thursday. Currently, ADA is maneuvering within a crucial technical range, positioned between its 50-day simple moving average (SMA) at $0.674 and its 200-day SMA at $0.772. This price bracket has emerged as a key battleground determining fluctuations driven by bullish and bearish actors.
To solidify an upward trajectory, technical analysts assert that ADA must surpass the resistance posed by the 50-day SMA level, potentially opening up avenues for a rally aimed at the $1 mark. Conversely, a breach beneath the 200-day SMA could reignite downward pressure, possibly pushing prices towards support levels around $0.60 and even $0.51.
The positive performance of ADA occurs amidst a broader uptrend across cryptocurrency markets, rebounding following a recent downturn influenced by troubling economic indicators in the United States. Reports have indicated a contraction in the U.S. economy during the first quarter of 2025, coupled with stagnant inflation readings for March.
Recent data unveiled a notable surge in the Federal Reserve’s favored inflation indicator for the overall quarter, but negligible growth during March alone. This mixed economic landscape has introduced challenges and opportunities for digital assets like Cardano (ADA) based on market responses to shifting economic dynamics.
In line with economic factors shaping crypto markets, the U.S. Labor Department released statistics indicating a rise in initial jobless claims to 241,000, surpassing predicted levels of 225,000 as per Dow Jones surveys. This disappointing labor market insight intensifies anticipation around Friday’s nonfarm payroll report, especially given the deterioration in other economic metrics.
Amidst expectations concerning potential rate cuts by the Federal Reserve later in the year, market observers closely track the economic pulse anticipating shifts in monetary policy. Although interest rate adjustments are not foreseen at the upcoming Fed meeting, traders are betting on monetary easing commencing in June with projections for multiple rate cuts by the end of 2025.
Potential monetary policy adjustments could enhance the appeal of risk assets like Cardano (ADA), historically drawing increased capital inflows towards cryptocurrency markets in response to lowered traditional interest rates. Looking ahead, traders are likely to focus on developments specific to the Cardano ecosystem and overarching macroeconomic variables impacting investment sentiments in the digital asset realm.
