ADA, the native token of the Cardano blockchain, is seeing a minor correction after a bullish breakout. However, it is forming a bullish pattern on four-hour and daily charts.
Cardano Technical Analysis
According to experts, ADA shows bullish signals on four-hour and daily timeframes. It has crucial support at $0.65 and is starting to recover. If the token breaches $0.75 and holds above, it could potentially increase by 9% with a possibility of reaching $1.13, a 40% increase.
Current ADA Price Momentum
Currently, ADA is trading near $0.72, showing a 2% surge in the last 24 hours. Trading volume rose by 20%, indicating increased interest from traders and investors.
Traders' Positions and Prospects
According to Coinglass, traders are taking bullish positions at $0.70, increasing long positions. However, there are significant short positions worth $9 million at $0.75.
With the bullish pattern and current trader positions, Cardano may soon breach key levels and show significant growth in the near future.
