Cardano price rises thanks to impressive trading volume of 1.22 billion USD

The crypto market is booming, and this is reflected in the price of Cardano (ADA). Over the past 24 hours, the digital currency has risen by 11.6% and is approaching the psychological mark of 1 USD at the time of writing. ADA’s trading volume rose impressively to 1.22 billion USD, indicating growing interest in the currency.

Important resistance broken

According to analysts at BeInCrypto, ADA has broken through a key resistance at $0.92 within a descending triangle pattern. This pattern, which has been visible since December 2024, usually indicates increasing selling pressure. However, recent demand for ADA caused the coin to break the resistance line.

The optimism is further confirmed by the Elder Ray Index, an indicator that measures the balance of power between buyers and sellers. For the first time since December 13, this index shows a positive reading, suggesting that buyers currently have the upper hand.

Additionally, the MACD (Moving Average Convergence Divergence) line, a technical indicator used to signal potential price changes, is about to cross the signal line. This could be an indication of an uptrend.

Cardano price predictions

Analysts predict that breaking through the resistance will open up new opportunities. The next price target is estimated at $1.32, which would represent a two-year high. However, if ADA loses momentum and falls below the resistance level again, a return to the support level of $0.84 could follow.

Record growth in smart contracts

Despite the volatility, Cardano developers continue to work tirelessly. This is evident by the impressive number of new smart contracts added to the blockchain. According to data from Cardano Blockchain Insights, nearly 100,000 new smart contracts were implemented in 2024.

Plutus V2, an improved version of Cardano’s programming language, is playing a key role in this growth. The efficiency and power of this tool allows developers to create smart contracts faster and more effectively. At the beginning of this year, there were only 8,000 smart contracts active on the network, but this number has now risen to 105,500.

Author
Recent Posts

Margharet Tess

Editor, Developer at Cryptheory Labs

I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com

Latest posts by Margharet Tess (see all)