Cardano Transaction Volume Jumps 200%, ADA Price Improves
- The ecosystem boasts of a notable increase in daily transaction volume, growing by 205.01%.
- The transaction count has remained steady showcasing a 33.45% surge from the yearly lows.
- ADA is currently trading at $0.3708 after a 24-hour surge of 0.90%.
Cardano Feed, the Decentralized News Aggregator that enables community members and users to share news about the Cardano Ecosystem, recently shared updates about the ecosystem. Reportedly, Cardano had recorded a notable increase in daily transaction volume, growing by 205.01% since the year’s beginning, with more than 26 billion ADA transacted a day.
Reportedly, the transaction count has remained steady during bear market conditions, showcasing a 33.45% surge from the yearly lows and a recent significant peak in daily transaction volume, reaching a three-month high of 98,000 transactions in just one day.
Cardano (ADA) sits at the seventh rank in terms of market cap, according to CoinMarketCap. The killer experienced a 24-hour price rise of 0.90% and a weekly surge of 0.95%, taking its price to $0.3708 at press time.
Meanwhile, ADA’s 24-hour trading volume stood at $159,261,041. Furthermore, the price of ADA was nearer to its 24-hour high of $0.3751, while the altcoin’s daily low stood at $0.3667.
ADA/USDT Daily Chart (Source: TradingView)
At press time, ADA’s price traded between the 9 EMA and 20 EMA lines on its daily chart, using its 9 EMA as support. Ever since the death cross on its chart at the end of the previous month, ADA has been stumbling. With the 20 EMA line positioned above the 9 EMA line, ADA appears to be in a short-term bearish cycle.
However, the RSI indicator brings more positive news. With the RSI line rising above the RSI SMA line at a value of 46.9, a bullish move could be expected. This would depend on whether the RSI can maintain the upward slope and progress further away from the oversold territory.
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This story originally appeared on Investing
