Cardano Feed, a decentralized news aggregator that enables community members and users to share news about the Cardano ecosystem, recently shared an update about the ecosystem. According to reports, Cardano’s daily trading volume has grown significantly, up 205.01% since the beginning of the year, with more than 26 billion ADA traded per day.
The number of transactions reportedly remained stable amid bear market conditions, surging 33.45% from yearly lows, with daily trading volumes recently peaking at a three-month high of 98,000 transactions in just one day.
Cardano (ADA) ranks seventh in terms of market capitalization, according to CoinMarketCap. The Ethereum killer experienced a 24-hour price increase of 0.90% and a weekly surge of 0.95%, reaching its price of $0.3708 at press time.
Meanwhile, ADA’s 24-hour trading volume is $159,261,041. Additionally, ADA’s price is close to its 24-hour high of $0.3751, while the altcoin’s daily low is $0.3667.
At press time, ADA’s price is trading between the 9 EMA and 20 EMA lines on its daily chart, using its 9 EMA as support. ADA has been stumbling since the death cross on its chart late last month. With the 20 EMA line above the 9 EMA line, ADA appears to be in a short-term bearish cycle.
However, the RSI indicator brings more positive news. With the RSI line rising above the RSI SMA line at 46.9, a bullish move can be expected. It will depend on whether the RSI can sustain the upward trend and move further away from the oversold zone.
