The post Cardano DeFi Trading Volume Surpasses $22M: Will ADA Price React appeared on BitcoinEthereumNews.com.

Cardano’s price rebound stalled at $0.44 on July 18, after 40% gains in 14 days; on-chain data analysis explores the bullish and bearish catalysts that have impacted ADA price stagnation in the last 72 hours. Cardano’s DEX Volumes Soar Amid Mixed Market Signals Since July 5, Cardano has been on an upward trajectory, mirroring the broader crypto market trends. But after nearly 2-weeks of persistent uptrends, mixed signals have emerged within the Cardano ecosystem as bulls and bears struggle to dominate the next market phase. Cardano Price Action | ADAUSD | TradingView In the last two weeks between July 5 and July 18, ADA prices have increased significantly. The chart above shows how ADA prices had surged 44% from the monthly time frame low recorded on July 5. However, a closer look at the chart shows that the Cardano price rally has struggled to advance above the $0.45 resistance despite the bullish sentiment surrounding the cryptocurrency sector this week. This rare market alignment suggests that conflicting bullish and bearish catalysts are currently in play within the Cardano markets. On the positive side, Cardano’s decentralized exchange (DEX) trading volumes have surged significantly, highlighting the growing interest in its DeFi ecosystem. According to recent data, Cardano’s 24-hour trading volume surpassed $350 million, with DEX volumes crossing 50 million ADA this week. This surge indicates increasing adoption of DeFi applications on the Cardano blockchain, which generally correlates with higher network activity and potentially positive impacts on the network’s health. Despite this uptick in DEX activity, Cardano‘s price has continued to exhibit bearish tendencies. ADA has experienced a notable correction, trading at approximately $0.4493, a 3% decline over the past week. Further analysis reveals a decrease in network activity, with daily active addresses dropping from 39,300 to 31,000 and daily transactions falling from 94,000…

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Filed under: News - @ July 19, 2024 4:32 am