1. New Payment Options via Binance Pay
2. Shift in Traders' Sentiment
3. Technical Analysis of ADA Price Growth

ADA price has shown growth amidst positive news about Cardano adoption on Binance Pay and a successful Hydra solution demonstration. Below are the details of the recent events.

New Payment Options via Binance Pay

The Cardano Foundation announced in its post on X (formerly known as Twitter) that Binance Pay now supports ADA, allowing merchants worldwide to use this cryptocurrency without fees and with instant settlements. "Merchants worldwide can now accept ADA with Binance Pay! Enjoy zero gas fees, instant settlement, and access to 30M+ users globally," the Cardano Foundation stated. Binance Pay has over 30 million users globally, marking a significant step toward the mass adoption of Cardano. This news comes shortly after the successful demonstration of the Hydra Layer 2 solution at the RareEvo blockchain event in Las Vegas.

Shift in Traders' Sentiment

With the recent change in market sentiment, traders have also shifted their stance. Almost overnight, sentiment on Cardano changed to 'bullish,' as data from the Coinglass Liquidation Map shows. The metrics reveal that short liquidation positions are significantly fewer compared to long positions. A deeper analysis shows a drastic reduction in the size of short positions. Most traders have opened long positions at $0.339 and $0.324.

Technical Analysis of ADA Price Growth

ADA price action has broken above the upper boundary of the falling wedge, indicating a potential bullish reversal. The previous downtrend has been challenged by this breakout, and momentum appears to be shifting toward the upside. ADA may face resistance at $0.3621, which coincides with the 200-day exponential moving average (EMA) and the upper boundary of the current consolidation zone. Beyond this, Cardano price could increase by 25% to the $0.4500 level, which could serve as a strong resistance and a critical point for the continuation of the upward move. The Relative Strength Index (RSI) is currently at 60.45, indicating bullish momentum but not overbought. This supports further upward movement but suggests that the price might face some resistance as it approaches higher levels. If Cardano price breaks below $0.3280, it will likely confirm a bearish reversal, invalidating the current bullish thesis. A further downside could see the price targeting $0.3220 and below.

Overall, the favorable news about ADA integration into Binance Pay and the successful Hydra technology demonstration could positively impact the Cardano price. However, traders should remain cautious of potential resistance levels and changing market sentiment signals.