Cardano’s ADA Soars as Altcoin Trading Volume Explodes in Crypto Market Frenzy
Altcoins steal the spotlight—again. Cardano’s ADA leads the charge as trading volumes erupt across crypto markets. Here’s why traders are piling in.
The ADA surge: More than just hype?
While Bitcoin hogged headlines last week, Cardano’s token quietly stacked gains. Now, it’s sprinting ahead of the pack—fueled by a wave of altcoin speculation.
Trading volume goes parabolic
No official numbers yet, but exchanges report altcoin activity doubling (at least). ADA’s liquidity pools? Overflowing. Memecoins? Still hogging oxygen—but smart money’s eyeing fundamentals.
The cynical take
Another ‘altseason,’ another round of hopium. Wall Street’s still clueless, retail’s still late, and the SEC’s still… somewhere. Trade accordingly.
Technical analysis highlights
- The asset established a strong uptrend, reaching a peak of $0.611 at 08:00 UTC, marking a 5.69% increase from the period's opening price of $0.578, according to CoinDesk Research's technical analysis data.
- High volume support emerged around the $0.590 level during the 05:00 UTC hour when buying pressure propelled ADA upward on above-average volume of 48 million.
- The subsequent pullback found resistance at $0.609 during the 12:00 hour with elevated volume of 81.6M, suggesting profit-taking after the rally.
- During the 60-minute period from July 3, 14:50 to 15:49 UTC, ADA experienced significant downward pressure, declining from $0.599 to $0.589, representing a 1.7% loss.
- A sharp sell-off occurred at 15:35 when the price plummeted to $0.589, accompanied by an extraordinary volume of 7.5M, establishing a clear support zone.
- The asset attempted recovery between 15:36 and 15:42 UTC, forming a minor consolidation pattern around $0.591, but failed to sustain momentum as selling pressure resumed.
- The final minutes showed signs of potential reversal with price bouncing from the session low of $0.588 to close at $0.589, suggesting possible exhaustion of short-term bearish momentum.
Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
