Cardano needs a lot of support right now
price journey has been akin to a slow-burning candle, gradually illuminating its path toward a 21-day moving average. Currently priced at $0.2579, ADA seems to be flirting with this crucial resistance level. But here's the kicker: while the trading volume is showing an uptick, it is still not enough to break the shackles of a long-standing trend of dwindling liquidity.
The trading volume's gradual ascent is like a shy introvert finally deciding to speak up in a room full of extroverts. It is a good sign, but let's not get carried away. The broader picture still paints a picture of falling trading volume and liquidity. This trend has been as stubborn as a mule, and chances are, it is not going anywhere soon.Now, why is this important? Well, trading volume and liquidity are like the lifeblood of any asset.
As of the latest data, Dogecoin is trading at approximately $0.0636. The lack of price movement is a far cry from the coin's heyday, when it was the go-to for those seeking quick, albeit risky, returns. Now, the coin's volatility is nearly indistinguishable from that of assets that offer more than just meme value. These assets, like Solana and Cardano, bring to the table a range of use cases and technological innovations, making them more than just speculative bets.
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