Flow

Cardano

Rise

MN Coin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardanos-trading-volume-surges-amid-price-decline/" data-wpel-link="internal">Cardano’s Trading Volume Surges Amid Price Decline</a> 
Between January 22-23, Cardano’s (<a href="https://en.coin-turk.com/cardanos-notable-growth-a-year-in-review-and-future-expectations/" data-wpel-link="internal">ADA</a>) volume rose from 234 million to 453 million. This could mean that many transactions took place involving the token. However, an increase in volume is not always good <a href="https://newslinker.co/" data-wpel-link="exclude">news</a> for the price of a cryptocurrency. 
<h2 id="ada-s-trading-volume-on-the-rise">ADA’s Trading Volume on the Rise</h2> 
When the price of a cryptocurrency increases and the trading volume follows, this trend can signal strong interest from buyers. It can also be a force for an upward price movement. However, an increase in volume against a falling price can do the opposite. In the case of ADA, if the volume continues to increase along with a price drop, the trend could lead to further declines. According to the technical outlook, the 20-day EMA crossed above the 9-day EMA. Experts consider this trend as indicative of a bearish inclination. 
Moreover, ADA’s price fell below both EMAs, suggesting that a short-term recovery may not be an option. The Chaikin Money Flow (CMF) also dropped to -0.07, indicating a similar sentiment. This negative data implies intense selling pressure and that if the bulls do not regain momentum soon, ADA could fall to $0.40. Experts note that the 4-hour chart’s Aroon indicator showed Aroon Up at 14.29%, while Aroon Down was at 100%. This disparity could be evidence of the bearish momentum Cardano’s native token is facing. 
<img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-306446 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/santiment-3.webp" alt="" width="2048" height="693"> 
<h2 id="current-data-on-ada">Current Data on ADA</h2> 
The Relative Strength Index (RSI) dropped to 24.16, which could indicate that ADA is in oversold territory. While the price of the cryptocurrency may continue to fall, the RSI reading could suggest that a recovery might be near. If more capital flows into the Cardano market, there could be a chance for ADA to recover. However, a lack of liquidity could reverse the situation. Therefore, investors should pay attention to the dynamics in the coming days. 
In terms of Open Interest (OI), Coinglass showed a drop to $231.61 million. OI represents the number of unsettled futures contracts related to a cryptocurrency. An increase in the metric could mean that market participants are increasing their net positioning. However, a decrease in OI could indicate reduced liquidity and an increase in position closures. In connection with the price movement of the cryptocurrency, OI suggests that ADA may continue to decline. This could be due to reduced speculation around the token. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/cardanos-trading-volume-surges-amid-price-decline/" data-wpel-link="internal">Cardano’s Trading Volume Surges Amid Price Decline</a></h5>

Cardano’s Trading Volume Surges Amid Price Decline

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