Cardano trading volume exceeds 550 million USD

Over the past few days, there has been renewed interest in Cardano's token, ADA. According to recent data, ADA's 24-hour trading volume has exceeded 550 million USD.

Long road ahead

Along with the increase in volume, there is also growth in terms of price volatility. Over the past 24 hours, ADA price has increased 4.43% and is trading at $0.4498 at the time of writing.

Despite the recent price increase, Cardano's overall situation remains stable.

Since March 15, ADA's price started on a downward trajectory, while showing multiple lower lows and lower highs along the way.

This is indicative of a bearish trend that ADA has been unable to reverse over the past few months.

To reverse this trend, ADA may have to test the $0.5761 level and surpass it. However, at the time of writing, ADA is still nowhere near this level.

Although ADA has a long way to go, the metrics for ADA paint a positive picture.

CMF (Chaikin Money Flow) for ADA has increased to 0.6, showing that the money flow into ADA has increased sharply.

Additionally, ADA's RSI (Relative Strength Index) has also increased, indicating a surge in price momentum for the token.

While these factors may provide some optimism for ADA holders, it is important to consider that a major price rally is needed before a trend reversal occurs.

On-chain operations

Coming to the on-chain data, it is seen that the transaction speed of ADA has increased significantly.

This means that the frequency of ADA transactions has increased, which could be a positive sign for this altcoin. Furthermore, the MVRV ratio remained negative despite the spike in prices.

The negative MVRV ratio shows that most owners are unprofitable at the time of writing. This gives holders no incentive to sell and reduces selling pressure on ADA tokens.

The price of ADA may continue to increase until the owner achieves a profit. When holders reach the stage where they can sell their shares for some profit, there will likely be a correction.

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