The cryptocurrency market has seen a significant escalate in Cardano trading volume over the past 24 hours. However, the blockchain’s native token, ADA, has failed to deliver a commensurate price escalate.

Bullish Cardano Volume Data

According to data Cardano, currently the 11th-largest cryptocurrency by market capitalization, saw a 150 percent escalate in trading volume in 24 hours, reaching around $477 million, according to news platform CoinGlass.

CoinGecko data also confirms this trend, revealing a significant 67% escalate in Cardano trading volume compared to the previous day’s data of $358 million. However, this escalate in trading activity has not yet translated into a corresponding escalate in ADA’s price performance.

This data paints a rather bleak picture for ADA holders. CoinGecko data indicates that the token is currently trading at a price 89% lower than its all-time high of $3.09, which was seen during the 2021 bull run.

The bearish sentiment also persists in shorter time frames, ADA recording losses of 4.1% in 24 hours, 10% in the last two weeks and a staggering 30% in the last month alone.

This shows bearish investor sentiment towards the token, coupled with broader market concerns and a lack of bullish momentum, which have entangled the ADA price in a significant bearish phase. However, not all hope is lost for Cardano enthusiasts.

Potential ADA price escalate

Cryptocurrency Analyst “Trend Rider” I suggest that the current price action gives investors an opportunity to take advantage of the potential upside. The analyst points to the critical level of $0.69, which, if breached, could signal the beginning of an uptrend for ADA. The analyst stated:

Yes, the price action is undeniably tender right now, but that’s not an admission of defeat. Instead, let’s exploit the moment to our advantage by identifying key levels where ADA could make a robust comeback. A critical level to watch? $0.69. That signals the entry into an uptrend channel. The last time ADA broke through here, it surged from $0.02 to $3.

Despite the analyst’s optimism, the path to $0.69 seems arduous for ADA. The token encountered a significant hurdle at $0.3538, which prevented it from rising to higher levels and dealt with the token’s 200-day and 50-day shelf life. exponential moving averages (EMA), represented by the yellow and blue lines on the daily chart respectively.

These key technical indicators have previously been key support for ADA price. However, since the market-wide correction that began in April, the token has been trading well below these EMAs.

So, In the miniature term, price needs to break above $0.3856, where the 200-day EMA currently sits, before any potential short-term uptrend can materialize.

At the time of writing, ADA is priced at $0.3251.

Featured image from DALL-E, chart from TradingView.com