Community members and users cardano Decentralized News Aggregator Cardano Feed, which allows them to share news about their ecosystem, recently shared updates about the ecosystem. It is reported that Cardano recorded a notable increase in its daily trading volume, growing by 205.01% since the beginning of the year, with more than 26 billion ADA being traded per day.
Reportedly, the number of transactions remained stable in bear market conditions. It showed an increase of 33.45% from yearly lows. It reached a significant peak in daily trading volume recently, reaching a three-month high with 98,000 transactions in just one day.
According to CoinMarketCap, Cardano (ADA) ranks seventh in terms of market cap. The Ethereum rival saw a 24-hour price increase of 0.90% and a weekly gain of 0.95%, pushing its price to $0.3708 at the time of writing.
Meanwhile, ADA’s 24-hour trading volume was $159,261,041. Also, as the price of ADA approaches its 24-hour high of $0.3751, altcoinThe daily lowest price was $0.3667.
At the time of writing, ADA’s price traded between the 9 EMA and 20 EMA lines on its daily chart, using its 9 EMA as support. Since the golden cross on its chart at the end of the previous month, ADA has been stumbling. With the 20 EMA lines positioned above the 9 EMA lines, ISLAND appears to be in a short-term bearish cycle.
However, the RSI indicator brings more positive news. With the RSI line breaking above the 46.9 RSI SMA line, bullish action can be expected. This will depend on whether the RSI can maintain the upside slope and move further away from the oversold zone.