Cardano (ADA) price started gaining strength as it broke above key resistance levels. Despite not clearing the main barrier, this upward move represents a significant shift from its previous downward trend.
Binance Pay Adds ADA Support
According to the Cardano Foundation, Binance Pay now accepts ADA, allowing merchants worldwide to use ADA with zero fees and fast transactions. Binance Pay has over 30 million users globally, marking a significant step toward the mass adoption of Cardano.
Trader Optimism Around ADA
With the recent shift in market bias, traders have also changed their stance. Almost overnight, sentiment on Cardano turned bullish. Data from the Coinglass Liquidation Map shows a significant accumulation of long positions ($10M) compared to short positions ($3M), indicating that traders anticipate further price increases.
Potential for Further ADA Price Gains
ADA price action has broken above the upper boundary of the falling wedge, indicating a potential bullish reversal. Immediate resistance is expected at $0.3621. Clearing this level could propel the price by 25% to $0.4500. The relative strength index (RSI) is at 60.45, confirming bullish momentum but also suggesting potential resistance at higher levels. If the ADA price falls below $0.3280, it would confirm a bearish reversal.
Amid positive news and a shift in trader sentiment, Cardano price shows significant growth. Upcoming resistance and support levels could shape ADA's future price trajectory.
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