Cardano (ADA) Surges to Around $0.6496 in the Last 24-Hour

Cardano (ADA) Surges to Around $0.6496 in the Last 24-Hour

May 31, 2022 Off By Roland G

Since striking a low on May 12, Cardano (ADA) has been rising. It’s possible that the rise will lead to a breakout from a long-running downward parallel channel.

Cardano (ADA)

Since reaching an all-time high of $3.10 on September 2, 2021, the price of ADA has been dropping. According to crypto analysts, an ascending support line that had been in place since March 2020 was broken as a result of the downward trend. On May 12, it reached a low of $0.40.

The price is currently trading at $0.6496 with a 24-hour trading volume of $2,317,166,991. This means, Cardano is up 24.90% in the last 24 hours, according to CoinMarketCap. ADA is just above the 0.382 Fib retracement support level. It has dropped by 83% since its all-time high.

According to Charles Hoskinson, co-founder and CEO of IOHK, Cardano’s 24-hour transaction volumes across various blockchains increased on May 29. The 24-hour transaction volume for Cardano was $9.57 billion, as per Messari data. In addition, the transaction volume was second only to Bitcoin’s and higher than Ethereum’s.

Furthermore, around 5 million native assets were produced in the Cardano NFT zone, which is a good statistic for the blockchain. The quantity of native assets issued on the Cardano blockchain was about 5,019,030, according to pool.pm data, with 54,831 different minting policies.