An expert recently expressed a bullish prediction on the future of Cardano (ADA) following its 24-hour volume spike on a decentralized exchange (DEX).
The impressive performance of ADA on the DEX platform indicated growing investor interest and trust in the Cardano ecosystem. This recent occurrence can potentially propel ADA into a consistent upward trend.
Chris O Drawn Attention to Potential ADA Bullish Moves
The renowned advocate of Cardano, Chris O., brought a positive indicator worth noting to the community’s attention.
According to Chris’s latest update, there was a significant surge in the volume of ADA on decentralized exchanges (DEXs) on Tuesday, suggesting that investor enthusiasm for the project could grow stronger.
Chris referred to information obtained from a comprehensive platform for monitoring blockchain activities, TapTools.
He highlighted that ADA’s combined 24-hour trading volume on various decentralized exchanges (DEX) built on the Cardano network reached an impressive milestone of 33.91 million.
As such, this event was a positive signal for ADA, which had experienced lackluster performance in previous weeks.
A careful examination of TapTools revealed that the current 24-hour decentralized exchange (DEX) volume of the Cardano native token ($ADA) is presently 29.9 million ADA.
This figure signifies a decrease of approximately 31% compared to the volume documented on the preceding day.
Although there was a decrease of 7.90% in the 24-hour active addresses on the Cardano network, the data indicates that the number of active addresses still reached 38,222 as of July 12.
Conversely, the daily volume of non-fungible tokens (NFTs) in the Cardano ecosystem recorded a significant decline of over 36% at the reporting time.
Amid declining active addresses and NFT volume, the price of ADA has increased by approximately 0.58% within the last 24 hours at the time of writing.
According to CoinMarketCap, over the past 30 days, ADA has seen gains of more than 2.5%. Despite renewed selling pressure, Cardano has managed to stay above the $0.287 price level today.
Following its rebound from the low point of $0.22 on June 10, Cardano has maintained a consolidation phase between the price range of $0.26 and $0.29.
On-chain Analytics Firm Data Shows High Amount of ADA Sales at Minimum Price
According to an on-chain analytics firm, Santiment, ADA witnessed significant sales in the first week of July. These sales occurred at lower price levels while its price was recovering towards the resistance level of $0.30.
Analysts at Santiment further noted that the levels of profit-booking indicated oversold conditions, leading to an increased likelihood of price rebounds.
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