Cardano

2024

<ul>
 <li><strong>Increasing short positions could boost ADA and XRP prices.</strong></li>
 <li><strong>Cardano’s network adoption is growing with Sundae v3 protocol activity.</strong></li>
</ul>
<p>The cryptocurrency world is buzzing about <a href="https://www.crypto-news-flash.com/cardano-development-recap-plutus-upgrades-and-scaling-breakthroughs/" rel="noopener noreferrer nofollow">Cardano’s</a> native token, ADA. Fiery Trading just <a href="https://www.tradingview.com/chart/ADAUSDT/hqbamZ4f-ADA-s-PERFECT-Entry-Is-Here-To-The-Moon-And-Beyond/" rel="noopener noreferrer nofollow">conducted</a> a technical analysis on TradingView that suggests that if ADA keeps trading in its present channel, it may increase sharply to $40 or more. With the next bull cycle fast approaching, this bullish forecast indicates that ADA may soon hit an explosive all-time high.</p>
<h2 id="strong-cardano-s-bullish-predictions-and-high-return-potential-strong"><strong>Cardano’s Bullish Predictions and High Return Potential</strong></h2>
<p>Although not very likely, cryptocurrency analyst Fiery Trading emphasized that the anticipated return ratio makes this scenario “worth the risk.” The expert urged investors to think about <a href="https://www.crypto-news-flash.com/shiba-inu-cardano-and-solana-on-chain-analyst-predicts-price-rebound/" rel="noopener noreferrer nofollow">ADA</a> as a worthwhile addition to their portfolios by pointing out that current levels might be “your best ADA entry for the rest of your life.”</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-medium" src="https://s3.tradingview.com/r/RvLWn44B_big.png" width="1549" height="829">
 <figcaption class="wp-caption-text">
  Source: FieryTrading on TradingView
 </figcaption>
</figure>
<p>Remarkably, short sellers have been increasing their wagers against ADA as well as XRP, the native coin of the <a href="https://www.crypto-news-flash.com/ripple-news-xrp-ledgers-amm-tvl-jumps-to-7-7-million-amid-rapid-growth/" target="_blank" rel="noopener noreferrer nofollow">XRP Ledger</a>. For long-term investors, this tendency can be a good development. The liquidation of short positions can support the increase in the prices of these cryptocurrencies.</p>
<p>Funding rates on Binance show a preponderance of short positions over long ones starting in September 2023 for ADA and May 2024 for XRP, according to on-chain analytics company Santiment.</p>
<h3 id="strong-current-market-performance-strong"><strong>Current Market Performance</strong></h3>
<p>ADA is currently valued at about<strong> $0.3916</strong>, up <span style="color: #339966;"><strong>0.86%</strong></span> in the last day, according to CoinMarketCap data. Over the previous seven days, though, the token has demonstrated a bearish posture, declining by <span style="color: #ff0000;"><strong>0.46%</strong></span>. The present volatility and uncertainty in the market are reflected in this mixed performance.</p>
<div class="cryptoboxes" id="mcw-419861" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="cardano" data-symbol="ADA" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>
<p>Furthermore, supporting the optimistic picture is the growing use of Cardano’s ecosystem. CNF previously reported that, as of the previous weekend, the <a href="https://www.crypto-news-flash.com/cardanos-sundae-v3-sets-records-charles-hoskinson-hails-protocols-growth/" rel="noopener noreferrer nofollow">Sundae v3 protocol</a> from Cardano had handled around 9,264 orders in the preceding 24 hours, showing a notable increase in usage.</p>

Cardano ADA Predicted to Surge: Analyst Sees $40 Potential

Table of Contents

Crypto News Flash

Other articles published on Jun 26, 2024

Robinhood Expands Crypto Portfolio for European Customers

Cryptocurrency Cronos Down More Than 6% Within 24 hours

How Decentralized AI is Democratizing Scientific Research

Crypto Dragon Coin Will Explode 19,000%, As It Looks to Challenge SHIB and Dogecoin

PancakeSwap Launches AI Prediction Market

Stratis Offers Scalable Blockchain Solutions

Join our free newsletter for daily crypto updates!