Cardano

2024

<ul>
 <li>Santiment highlights the prevalence of short positions in Cardano (ADA) and XRP, suggesting a potential bullish outlook for both assets.</li>
 <li>Derivatives data reveals a higher number of short positions, but Binance account ratios indicate more optimism.</li>
 <li>Low MVRV ratios and recent price movements suggest that Cardano and XRP may be undervalued.</li>
</ul>
<p>Santiment, a leading cryptocurrency analytics platform, has recently shed light on the prevalence of short positions involving <a href="https://thenewscrypto.com/?s=cardano" target="_blank" rel="noopener noreferrer nofollow">Cardano</a> (ADA) and <a href="https://thenewscrypto.com/?s=xrp" target="_blank" rel="noopener noreferrer nofollow">XRP</a>, indicating that this metric could potentially signal a bullish outlook for both digital assets.</p>
<p>In the aftermath of the recent market downturn, these prominent altcoins have suffered significant losses, but the insights provided by Santiment suggest that a potential bullish reversal may be on the horizon.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> Cardano and XRP are a couple of the most notable altcoins that are seeing heavy trader shorting following relief bounces. This is a good sign for patient bulls, as liquidates shorts can effectively act as 'rocket fuel' for continued price rises. <a href="https://t.co/lHdMCLbngR" rel="noopener noreferrer nofollow">pic.twitter.com/lHdMCLbngR</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1803499449672753502?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 19, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading" id="h-cardano-and-xrp-witness-surge-in-short-positions"><strong>Cardano and XRP Witness Surge in Short Positions</strong></h2>
<p>According to a recent post by Santiment on X (formerly Twitter), Cardano and XRP are currently among the most prominent altcoins experiencing heavy shorting activity, despite the recent relief bounces observed in the market.</p>
<p>Interestingly, Santiment interprets this trend as a positive signal, proposing that the liquidation of these short positions could potentially act as a catalyst for a substantial price increase in the near future.</p>
<p>For Cardano, the accompanying chart provided by Santiment indicates that the Binance Funding Rate currently stands at -0.013743, signifying a dominance of short positions. Furthermore, derivatives data obtained from analytics resource Coinglass confirms the increase in shorts, with the long/short ratio for ADA sitting at 0.9755.</p>
<p>Remarkably, despite the surge in short positions, the Binance long/short ratio for accounts is notably higher at 2.51. This discrepancy suggests that while traders have opened more short positions than long ones, Binance accounts betting on a price increase outnumber those betting on further declines.</p>
<p>Santiment’s analysis of the heavy shorting activity surrounding Cardano and XRP, coupled with the insights from derivatives data and MVRV ratios, suggests that these altcoins may be poised for a bullish turnaround. The potential for short covering and the undervaluation of these assets could fuel a rapid price recovery in the near future.</p>

Santiment Highlights Bullish Potential for Cardano (ADA) and XRP Amid Heavy Shorting Activity

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