Cardano (ADA) is gradually recovering in price after days of trading at lows. Notably, the ADA price has reclaimed $0.26, while the trading volume jumped more than 60% in just 24 hours.
Cardano price back in green
According to CoinMarketCap data, ADA is currently trading at $0.2642, up 3% over the past day.
The latest ADA price rally comes amid rising momentum on the broader crypto market. Cardano had recently dropped below $0.26 and also fell on both the weekly and monthly charts.
However, with ADA bouncing back above $0.26, it is turning from a resistance into a firmer support level.
This often signals renewed buyer confidence and can prevent deeper declines in the near future. Such moves are often driven by factors like whale accumulation, potential ecosystem updates or broader crypto market recovery.
Moreover, the trading volume also increased by more than 60% within the past 24 hours. This represents the total amount of ADA bought and sold in the given period. Following the 60% jump, the ADA trading volume is now at $691.9 million.
The higher volume during the upward price move indicates stronger conviction behind the latest rally. More participants are trading, which can make the price increase more sustainably.
Next ADA price move
Despite ADA reclaiming $0.26, analysts have pointed out that the coin remains range-bound in a bearish macro context for several months.
So, they think, the positive price action could be a short-term relief rally unless it breaks above higher resistances at $0.285 and $0.31. ADA risks slipping toward $0.27 if it falls below the critical support.
However, historical data showed Cardano has recorded bullish closings in March of every year since 2022, except in 2024. Considering past positive performances, bulls are optimistic for a bullish close before the end of this month.
Besides, market analyst Ali Martinez recently predicted a bullish breakout for Cardano, with 45 days of sideways trading nearing its end. The analyst highlighted a key resistance at $0.304, which is the upper boundary of its trading channel.
According to Ali, a break above $0.304 might cause ADA to target liquidity gaps at $0.338 and $0.37.
Another factor that could propel an ADA rally is the growth in the decentralized finance (DeFi) market. As of March 20, the total value locked in native tokens surpassed 520.41 million ADA.
Source: https://u.today/cardano-ada-price-reclaims-026-as-volume-rockets-60
