$500 Million ADA in 24 Hours: Cardano Down, But Not Out

Cardano, the 10th-largest cryptocurrency by market capitalization may be showing muted price action on the charts, but the network is far from quiet. In the last 24 hours, ADA has recorded over $500 million in trading volume, indicating traders' activity despite the recent price lull.

At press time, ADA was slightly higher on the hourly, daily and weekly time frames. ADA was up 0.24% in the last hour, while up 0.38% in the last 24 hours to $0.669 but down 0.19% weekly. Cardano's trading volume was up 13% in the last 24 hours to $505 million, per CoinMarketCap data.

Cardano continues to consolidate below its moving averages, having dropped to a low of $0.61 on June 5. Though ADA price slightly rebounded, bulls encountered resistance near $0.68, causing the momentum to slow.

An immediate barrier is envisaged at the daily SMA 50 at $0.721, while support lies near $0.6 in the event of a drop.

Cardano welcomes developments

According to a recent report shared by Cardano builder, Input Output, the past month of May saw significant developments for the Cardano ecosystem.

Cardano node v.10.4.1 was released, which included UTXO-HD. This advancement restructures the consensus layer, enabling UTXO sets to be stored in memory or externally on storage devices like SSDs/HDDs.

The Plutus Core team made progress by focusing on language enhancements, developer tools and documentation updates.

Lace v.1.22 was released with Firefox compatibility, beta Bitcoin integration and performance enhancements for a better Web3 experience.

Mithril released distribution 2517.1, which addresses a client security vulnerability. This release is compatible with Cardano node v.10.3.1, supports IOG key signing for ancillary files in Cardano database snapshots and includes several bug fixes and improvements.