Cardano

Verge

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The native token of the&nbsp;<a href="https://u.today/cardano-ada-might-flip-trx-and-doge-if-this-happens" rel="noopener noreferrer nofollow">Cardano</a> blockchain, ADA, saw an increase in trading activity today, according to&nbsp;<a href="https://www.coinglass.com/currencies/ADA" rel="noopener noreferrer nofollow">CoinGlass</a> data, as the volume of perpetual futures for ADA spiked today, at one point by 33%. After the spike, turnover for the Cardano token in this particular market peaked at over $450 million.
Meanwhile, the situation on the spot market does not differ much. According to data from CoinMarketCap, spot volume for ADA has increased by 23.85% in the last 24 hours, reaching almost $350 million.&nbsp;
Combining the figures from both the futures and spot markets, the total volume for the Cardano token in this period is approximately $800 million. This means that the turnover to market cap ratio for ADA is 5.9%, which indicates a rather normal and not exaggerated level of trading activity.
<h2 dir="ltr" id="tug-of-cardano">Tug-of-Cardano</h2>
However, the spike in&nbsp;<a href="https://u.today/cardano-ada-reclaims-top-10-placement-ahead-of-chang-hard-fork" rel="noopener noreferrer nofollow">ADA</a> trading means that market participants are paying more attention and volatility is increasing. The reason for the increase is probably the price performance of the Cardano token.&nbsp;
Thus, in the last 24 hours, the price of ADA has shown a solid 8.3% gain on its quotes, but what is more important is that it has reached a key resistance level at $0.38.
This price point has been important since 2018 because, after securing a listing on Binance and rising over 60% in the next two weeks, this very level marked the end of that rally. After that, it established itself as a key level to watch for ADA's price. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="2a878b12-88d4-4fd0-abcb-e1342ee8c439" src="https://u.today/sites/default/files/inline-images/cardanoada_3.png">ADA to USD by <a href="https://coinmarketcap.com/currencies/cardano/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
Once a breakout above it happens, the&nbsp;<a href="https://u.today/cardano-ada-explodes-52-in-critical-indicator-details" rel="noopener noreferrer nofollow">Cardano token</a> may see another rally with the level turning into support. If not, then resistance and bearish bias will prevail.

Cardano (ADA) on Verge of Major Price Breakout, Skyrockets 33% in Volume

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