Cardano (ADA) is attempting to recover after an extended period of sideways movement around the 50-cent mark, currently hovering near $0.72.
Bullish Sentiment Among Traders
According to TapTools, 70% of ADA traders on Hyperliquid are long, while only 30% are short, indicating a significant bullish sentiment. High long ratios can be a double-edged sword as they can precede strong breakouts but also increase the risk of long liquidations.
Cardano's Activity and Engagement Metrics
Over the past 24 hours, Cardano ranked #1 among all Proof-of-Stake tokens with over 4 million interactions, reflecting a high level of social interest. The Total Value Locked (TVL) in Cardano has increased by 7.76% over the past week, indicating active usage and capital inflow.
Price Forecast and Key Resistance Levels
ADA's price is currently testing the upper boundary of its descending triangle pattern, with resistance at $0.7769, $0.8102, and $0.8645. A clean daily close above $0.81 could trigger a new phase of upward movement. However, indicators such as the Relative Strength Index (RSI) are showing early signs of divergence, potentially signaling a pullback.
As of now, ADA bulls have the advantage in pushing the price upward, but overcoming the $0.81 level is crucial to maintain momentum. Failing to do so may result in increased risks of position losses.
