Cardano Price Faces Severe Selling Pressure as Bears Continue Domination
- ADA is down 3.19 percent in the last 24 hours, with a current price of $0.4232.
- The upcoming Chang upgrade is expected to play a significant role in the price trajectory.
According to CoinGlass, the futures trading volume for Cardano (ADA) surged by 29% in the past day, surpassing half a billion dollars. The surge in value shows that ADA perpetual futures trading is becoming more popular than the spot market. Trading volume for Cardano on exchanges reached $466 million, increasing the total to above $1 billion, as per CoinMarketCap.
The growing popularity of futures trading points to the fact that trading is inherently more speculative than investing for the long haul. Traders increased concentration on futures trading for possible short-term returns is supported by the slight shift in spot market activity, which follows this trend.
Highly Anticipated Upgrade
Cardano may enter the Voltaire era as a result of the forthcoming hard fork. Development stages are called eras in the Cardano ecosystem. Since the Chang hard fork, Cardano has been in the Basho era and is now entering the Voltaire era. In Q2 of 2024, the upgrade is scheduled to take place.
Before the last Alonzo hard fork, the price of ADA jumped from $0.2 to $3.1, a gain of more than 30 times in a year. Based on this, experts predict that the price of ADA might see a comparable upswing.
The Chang upgrade, which aims to update all nodes by August, is expected to play a significant role in this. Data from CMC shows that ADA is down 3.19 percent in the last 24 hours, with a current price of $0.4232.
After falling 7.32 percent over the last week, the price is under intense selling pressure. If it manages to go below $0.42 support level, then it will likely decline further to test $0.39 support level.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
