- ADA remained in the $0.7 zone despite declines.
- Cardano’s daily volume has dropped below $1 billion.
Cardano [ADA] has recently mirrored the overall market trend, experiencing a rise to price levels not seen in a considerable amount of time.
However, despite this climb, it has not yet reached the $1 range. The key question is whether Cardano has garnered enough interest recently to make its ascent to the $1 price zone a possibility.
Cardano remains in the $0.7 zone
On the 4th of March, Cardano experienced a notable 5.77% increase in value, bringing its price to $0.770, as per AMBCrypto’s analysis of its daily timeframe.
What set this trading session apart was that it marked the first time since 2022 that ADA had reached this price range.
While there were previous uptrends, this particular increase propelled Cardano to reclaim its highest price range in over a year.
Source: Trading View
Following the significant increase, there was a substantial decline of 10% the next day, reducing its price to around $0.69.
However, in the subsequent days, Cardano managed to recover, trading back in the $0.7 range. At the time of this writing, it was trading at around $0.73, reflecting a slight over 1% decline.
Of volume and active addresses
AMBcrypto’s analysis of Cardano’s volume on Santiment showed higher volumes in March. The chart revealed that ADA had experienced over $1 billion in daily volume on more days in the current month.
Additionally, the volume exceeded $2 billion on the 5th and the 6th of March, marking the first time ADA witnessed such volume levels since around December 2023.
What is notable about the current volume trend is the increased consistency in volume activity compared to previous months. At the time of this writing, the volume was over $591 million.
Source: Santiment
Furthermore, AMBCrypto’s examination of the 30-day active addresses metric showed a noticeable uptrend in the number of active addresses.
Starting the year with over 890,000 active addresses, it experienced a slight decline to around 700,000 by February. At the time of writing, the number of active addresses has risen to approximately 915,000.
These metrics collectively indicate a significant increase in activities on the Cardano network.
Open Interest grows
AMBCrypto’s look at Cardano’s Open Interest on Coinglass showed an increase in cash inflow over the past week. The chart illustrated that Open Interest reached its peak on the 5th of March, surpassing $588 million.
This represented the highest Open Interest observed for ADA in over a year.
Realistic or not, here’s ADA’s market cap in BTC’s terms
At the time of this writing, the Open Interest was over $507 million, marking the highest level in close to a year.
When considering this metric alongside other key indicators analyzed earlier, it suggests a high likelihood of Cardano entering the $1 price zone shortly.
