The smart contract platform has seen a volume decline of around 30% despite its sharp price increase.
After reaching as high as $35,000 after its rebound from $28,000, Bitcoin appears to still be showing signs of weakness.
Despite this, Cardano (ADA) has managed to resist against Bitcoin’s latest downslide, demonstrating a 6.4% price rise in the last 24 hours.
In this period, Cardano touched a low of $1.21 and a high of $1.35.
Cardano’s all time high was $2.45 which the project managed to reach in May last month. ADA’s current price represents a decline of 45% from its all time high.
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Who is buying Cardano?
Although we have seen a decline in trading volume for Cardano, there is still support from analysts and traders.
#Cardano breaking back up in which it should be flipping the 3800 sats level if it wants bullish continuation. pic.twitter.com/5PzXuzu0Qh
— Michaël van de Poppe (@CryptoMichNL) June 24, 2021
De Poppe says that flipping this important level against Bitcoin will be vital for Cardano if it is to continue with its bullish continuation.
Cardano has strong fundamental values too and is seen by some as a potential “Ethereum killer”. According to Coingecko: “Cardano is a decentralised platform that will allow complex programmable transfers of value in a secure and scalable fashion. It is one of the first blockchains to be built in the highly secure Haskell programming language.”
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