Crypto news

Cardano’s Nearly Billion ADA Trading Volume: Is It the Calm Before the Storm?

BBG News

Oh, look at Cardano (ADA), trying to make a name for itself. The ninth-largest cryptocurrency, just casually moving almost a BILLION ADA in 24 hours. No big deal, right? According to CoinMarketCap (yeah, the site everyone trusts when they’re not looking at memes), 996,010,000 ADA changed hands like some sort of digital high-five. The crypto market is in recovery mode, or at least that’s what we’re telling ourselves as we brace for the next dip.

At the moment, ADA is up 3.94% in the last 24 hours to a whopping $0.703. Big win. But don’t get too excited – over the last week, it’s been pretty much a dumpster fire, with five out of six days in the red. So, the rebound is *definitely* something to pay attention to, like you would pay attention to your toaster when it starts sparking. Yesterday, ADA hit a low of $0.666 (hey, spooky), and now it’s at $0.709. Progress? Sure, let’s go with that.

Right now, ADA is caught between the 50-day and 200-day simple moving averages, trading around $0.674 and $0.772. It’s like a battle zone between the bulls and the bears – no one really knows what’s going to happen next, but hey, it’s a thrilling ride. The bulls are pushing for a rally to $1 (sure, why not?), but if the bears win and ADA falls below the 200-day SMA, we’re looking at a possible drop to $0.60 or $0.51. So much for ‘to the moon,’ huh?

Investors turn to macroeconomic data (because who wouldn’t?)

Meanwhile, in the broader crypto world, things are looking up, I guess? The market is *green* (because why not?), despite the fact that earlier this week, the U.S. economy decided to contract like a sour mood at a family dinner. Inflation is flat, so that’s fun – no surprises there, right? Oh, and the Federal Reserve’s favorite inflation gauge was *actually* up, but it didn’t really do anything in March. Because, of course.

And here comes the punchline: the Labor Department dropped some news that jobless claims are up to 241,000. That’s right, folks, more people joining the “I didn’t want this job anyway” club. Economists had expected 225,000. But hey, we’re all just along for the ride now. So, buckle up, because Friday’s nonfarm payrolls report is going to make us all question the future, or at least how we spend our weekends.

With the Federal Reserve meeting next week (May 6-7), there’s this big ‘will they, won’t they’ moment – and the stakes are high. Everyone’s hoping for a rate cut, but traders are still in denial, pricing in a zero percent chance of an immediate cut. Maybe June will be the time for the central bank to ease up? But honestly, who knows. All I know is that we’ve got four potential cuts lined up by the end of the year. So, stay tuned. Or don’t. Whatever.

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2025-05-01 19:08

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