Cardano (ADA) has seen a notable dip over the past 24 hours. Currently trading at $0.7596, the price has dropped 2.55% from the previous day. It hit a low of $0.7072 and managed to recover slightly, with a high of $0.7781. Despite this downward trend, the trading volume surged 62.99%, reaching $1.85 billion, signaling heightened market activity.
24-hour price chart. Source: CoinMarketCap
Market Cap Decline Amidst High Trading Volume
The overall market cap for ADA now sits at $26.75 billion, reflecting the price decline. Its fully diluted valuation (FDV) is $34.18 billion, indicating potential long-term value. The circulating supply stands at 35.22 billion ADA, out of a maximum 45 billion ADA.
Related article: Cardano (ADA) Poised for a Breakout—Can It Reach $10?
ADA remains far from its all-time high of $3.10, recorded in September 2021. The current price marks a 75.59% decline from that peak. However, long-term holders still see massive gains from its all-time low of $0.01735 in October 2017, representing an impressive 4,259.22% surge since then.
Will Cardano Bounce Back?
ADA’s recent price action suggests volatility, but the increased trading volume hints at strong interest. If buying pressure continues, ADA could push back toward the $0.78 resistance.
Related article: Cardano Surges 5.34% Can ADA Finally Reclaim $1?
However, a break below $0.70 could trigger further losses. Cardano’s current dip raises concerns, but it remains a significant player in the crypto space.
Short-term traders might see an opportunity, while long-term holders continue to assess ADA’s potential. The next few days will be crucial in determining whether ADA rebounds or faces more downside.
