Despite the bullish sentiment in the cryptocurrency market, Cardano (ADA) has not seen a significant rise. However, market shifts might lead to a notable rally.
Cardano (ADA) Analysis and Upcoming Levels
According to experts, ADA has broken out from a strong trendline that has restricted it since April 2024. This breakout happened after 38 days of price consolidation, which is now considered a bullish sign. Currently, ADA is facing resistance at the 200 EMA, indicating a continued downtrend. Experts suggest that ADA could potentially rise by 30% to the $0.50 level, provided it closes a daily candle above $0.40.
ADA Price Analysis
The breakout may be caused by the price surge and the overall bullish market sentiment. Currently, ADA is trading near $0.39 and has seen a 12% price increase in the last 24 hours. However, its trading volume decreased by 13%, indicating lower participation from traders and investors.
Bullish On-Chain Metrics
The breakout has attracted new positions in the past 24 hours. According to analytics firm Coinglass, ADA’s open interest has jumped by 18% and continues to rise steadily, indicating growing interest and confidence from traders. Meanwhile, ADA’s Long/Short ratio stands at 1.03, indicating strong bullish sentiment among traders.
Combining technical analysis with on-chain metrics, it seems that bulls are currently dominating the asset and could support ADA in its upcoming rally.
