Today, major cryptocurrencies like Bitcoin, Ethereum, Cardano, Solana and others have been maintaining their price level above an important key level.
While talking about Cardano recent price movements, the asset plunged towards $0.435 on July 13. However, the eighth cryptocurrency by market cap, saw a jump of 36% trading at $0.550 after six days.
The similar dump and pump pattern was followed again as Cardano was pulled down yet again on July 26 trading at $0.467. But later there was a surge of 20%. However, Cardano is following the footsteps of Bitcoin (BTC).
Now, when Cardano’s hourly chart is analyzed, it appears that the currency is about to surpass the support level of $0.5071. If bears get the stronger hold, then there will be a downfall towards $0.5040 by the end of the day.
On the other hand, the daily time frame depicts that Cardano (ADA) is neutral as its trading is far from its crucial price levels. The altcoin may see a leg up only if the currency manages to acquire $0.52 area.
At the time of writing, Cardano is selling at $0.518 with a surge of 1.24% over the last 24hrs. Right now, the most important price range that the traders need to focus on is $0.5472.
Surge In Cardano’s On-Chain Transfer Volume
Meanwhile, Kraken Intelligence data reveals that Cardano’s (ADA) daily on-chain transfer volume has jumped by 16% overtaking Bitcoin, Ethereum, Dogecoin and Algorand. On the other hand, Dogecoin saw a pull back of 54% in on-chain transfer volume for the month of July.
Also, the daily activity on a year-to-date basis is considered, Cardano has seen a rise of 238%.
According to the research, the introduction of numerous programs, such the metaverse game platform Pavia and decentralized exchange SundaeSwap, is the primary factor driving the rise.