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Cardano (ADA) Skyrockets 75% in Volume Amid $284 Million Short Liquidation
In a shocking turn of events, the cryptocurrency market has seen an unprecedented surge in trading activity. Cardano’s 24-hour trading volume has skyrocketed by an astonishing 75%, reaching a staggering $1.15 billion according to CoinMarketCap data.
The sudden increase in volume is likely linked to the massive short liquidation event that occurred across the market, with a colossal $284 million in shorts being unwound overnight. This drastic shift in trader sentiment has led to a drastic change in the market’s behavior, as bears are forced to exit their positions and buy back into the market.
As a result, Cardano (ADA) experienced an impressive 8% increase over the past 24 hours, reaching $0.601. The cryptocurrency, ranked as the 10th largest by market capitalization, has successfully reclaimed some of its losses from the previous month.
It’s no surprise that ADA saw this massive surge in volume and price after the recent events. With a ‘golden cross’ forming on the hourly chart, it appears that buyers are gaining traction and momentum is building towards a potential trend change.
The charts suggest that if Cardano (ADA) can break above $0.61, we could see the cryptocurrency potentially reach its 50-day Simple Moving Average (SMA) at $0.663. A breakout of this level would be a significant bullish signal, as ADA’s momentum continues to build.
On the other hand, should the price fall and break below $0.54, the asset could be headed towards a decline, potentially reaching the critical support level of $0.40.
With Cardano (ADA) displaying an impressive 8% daily gain, it seems that investors are buying back into the market in droves, with short sellers being forced to unwind their positions at unprecedented levels.
Source: u.today
