Cardano, Daily Trading Volume Surges 78%..."Preparing for a Dogecoin-level Rally"

▲ Cardano (ADA)

Cardano (ADA) saw its trading volume surge by 78% in a single day, following Dogecoin's strong price breakout and increasing the likelihood of a full-fledged rally.

According to crypto media outlet U.Today on April 30 (local time), Cardano's trading volume in the last 24 hours reached approximately $440 million, showing a high increase of over 78% compared to the previous day. This rapid increase in trading volume indicates that market liquidity is flowing back into Cardano, interpreted as a strong intention to break out of its long-term neglected phase. Investors are closely watching whether Cardano's current movement is merely a rebound or a preliminary step to break through major resistance levels.

Market experts evaluate Cardano's current trajectory as similar to that of Dogecoin (DOGE), which recently broke through the $0.10 resistance level and changed its price structure. Just as Dogecoin ended its long sideways movement with an impulse candle accompanied by massive trading volume, analysis suggests that Cardano is also attempting an upward breakout after steady accumulation at the bottom. With Bitcoin (BTC) entering a stable phase, there's a trend of rotational capital within the altcoin market concentrating on Cardano.

Technical indicators also support this positive trend. The Relative Strength Index (RSI) maintains a neutral level while gradually rising, indicating ample room for further buying. The Market Value to Realized Value (MVRV) indicator also suggests that the current price remains in an undervalued zone compared to its historical average, signaling an attractive period for long-term investors. Open interest in the futures market is also on the rise, showing an expansion of participation from both institutional and retail investors.

Currently, Cardano is attempting to settle above the short-term resistance level of $0.25, and if it breaks through, a rapid price increase is possible by utilizing the supply void above. The double-bottom pattern visible on the chart firmly supports the price floor, offsetting downside risks. The fact that the surge in trading volume is accompanied by a price increase suggests that this breakout attempt is based on genuine buying power, not a false one.

Cardano's future price is expected to be determined by whether the trading volume is sustained and the speed at which it breaks through key moving averages. If news of Cardano's unique ecosystem expansion is added amidst improving overall market sentiment, this rally will gain even stronger momentum. A 78% increase in trading volume is a significant signal that market leadership is shifting back to major altcoins like Cardano.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*