The ADA price has been unable to maintain its gains over the previous two sessions. Multiple rejections are expected near the critical resistance level of $1.24. However, since March 28, the price of ADA has been stuck in a narrow range with no discernible direction.
ADA Price Action
The current market attitude is mildly positive, with ADA prices currently testing critical resistance at $1.21 on the hourly chart. Prices could rise to the $1.24 resistance level if they break above this level. If ADA prices fail to break above $1.21, though, a drop to the $1.17 support level is probable.
The main support level for ADA is currently $1.17, which is being defended by bulls. If prices break through this support, they may fall to the next major support level at $1.14.
The major resistance level is $1.24.
If ADA prices can break over $1.24, the bullish momentum will likely continue, and prices will rise. Prices of ADA are now consolidating with a positive tendency. Prices could rise to the $1.24 resistance level if they break above $1.21.
Cardano Transaction volume on the rise!
Following the Cardano network’s intrinsic growth, transaction volume recently reached at $86 billion before immediately retracing down. The network, however, appears to be regaining momentum, according to statistics from Messari, an on-chain service.
With additional projects and solutions appearing, March ended up being one of the finest months for the Cardano network, with more than $200 million flowing into the ecosystem. The growth of the TVL resulted in a never-before-seen volume gain of $86 billion for the network.
The high increase in volume was also associated with the price of the underlying coin, ADA, which increased by more than 50% in just three weeks.
With the addition of new projects to the Cardano blockchain, the network’s utilisation is likely to skyrocket, potentially resulting in a massive spike in the fees that users pay for transactions and other interactions with the network.