ADA and XRP prices could see a boost from increasing short positions.
The Sundae v3 protocol activity is fueling the growth of Cardano’s network adoption.
There’s a lot of excitement in the cryptocurrency world surrounding Cardano’s native token, ADA. Fiery Trading recently conducted a technical analysis on TradingView, suggesting that if ADA continues to trade within its current range, it could potentially surge to $40 or higher. As the next bull cycle looms, this bullish prediction hints at ADA reaching an explosive all-time high.
Fiery Trading emphasized that while this scenario may not be highly probable, the potential return on investment makes it “worth the risk.” The expert encouraged investors to consider adding ADA to their portfolios, noting that current levels could be the “best ADA entry for the rest of your life.”
Short sellers have been increasing their bets against ADA and XRP, the native coin of the XRP Ledger. This trend could be positive for long-term investors, as the closure of short positions may contribute to price increases for these cryptocurrencies.
According to on-chain analytics company Santiment, funding rates on Binance indicate a prevalence of short positions over long ones since September 2023 for ADA and May 2024 for XRP.
Currently, ADA is trading at around $0.3916, marking a 0.86% increase in the last 24 hours based on CoinMarketCap data. However, over the past week, the token has shown a bearish trend, declining by 0.46%. The current market volatility and uncertainty are reflected in this mixed performance.
On a positive note, Cardano’s ecosystem is experiencing growing usage. The Sundae v3 protocol processed approximately 9,264 orders in the last 24 hours, indicating a significant uptick in activity.
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