The past few days have not been all that great for the cryptocurrency markets. With all markets going off the deep end in pretty quick succession, no immediate reversals are expected. One exception to this trend is the Cardano price, which has seemingly recovered over 7.6% of its value in the past 24 hours. A remarkable trend, but there is still plenty of concern to contend with.
Cardano Price Reversal Seems Temporary
While it is interesting to see the Cardano price recover some of its lost value over the past 24 hours, the current outlook is anything but positive at this stage. All markets are still down by quite a margin, and the overall cryptocurrency market cap has dropped below $280bn once again. It is not the trend anyone has been looking for, yet there is very little that can be done about it, for the time being.
For the Cardano price, this past week has been pretty interesting, although not for the right reasons. With the value dropping from $0.21 all the way to $0.153 in a span of six days, the bearish pressure has been more tangible than ever before. Even so, the past 24 hours show signs of hope, as the Cardano price has risen to $0.1715 once again. A temporary reversal, surely, but still a positive development regardless.
It is also interesting to take note of the ADA/BTC ratio in this regard. Contrary to what some people might expect, it seems there are some solid gains in this department. More specifically, the ADA/BTC ratio has improved by 8.29% in favor of the altcoin. Considering how the Bitcoin price is still in the red, that in itself is a development well worth keeping an eye on moving forward.
Considering how the overall cryptocurrency trading volume has risen a bit again over the past few days, the Cardano volume seems to remain relatively stable. With $177.861m in 24-hour volume, Cardano is of relative interest to cryptocurrency speculators as of right now. However, it remains to be seen how long this positive trend remains in place, as the markets are still subject to a lot of negative pressure.
Looking over the exchanges ranked by ADA trading volume, it seems Upbit can maintain its position on the market with relative ease. Its KRW pair generates more volume than Binance’s BTC and USDT pairs combined at this point. Huobi’s USDT pair and Bittrex’s BTC market are also in the top five, which further confirms there isn’t much fiat currency activity taking place in this regard.
Whether or not the Cardano price will continue to see positive momentum for a few more hours, remains to be determined. With all of the bearish momentum on the market as of right now, anything can happen in fairly quick succession. Any uptrend can be turned into negative pressure and vice versa. For the Cardano price, a stable floor will not be achieved anytime soon at this rate.
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