Cardano ADA Recover: Price +18%, Resistance at $0.85
Cardano (ADA) rebounded 18% to above $0.77. Will it be able to turn $0.85 resistance into support and continue the bullish trend?
The price of Cardano has risen 18% in the past 24 hours, rebounding after a significant correction. This recovery indicates that the bullish pattern that ADA was forming remains intact, signalling optimism for future price movements.
After several difficult weeks, Cardano's ability to regain momentum against ADA USDT offers hope for a possible upward trajectory and positive price dynamics in the near term.
Confused Cardano Traders: A Change in Market Sentiment
In the past month, Cardano investors have suffered significant losses as the price continued to fall. Many trades were executed at a loss, with the market unable to sustain significant bullish movements.
However, a recent increase in profitable trades is a positive sign, suggesting a possible change in market sentiment. As the ADA price has risen from recent lows, the volume of profitable trades has increased, indicating that investors are beginning to recoup earlier losses. This shift, with gains now outweighing losses, suggests growing stability and support for the altcoin, potentially paving the way for further price increases.
Losing transaction volume on Cardano. Source:Santiment
Cardano's Funding Rate Shows Signs of Improvement
Cardano's funding rate, which has been fluctuating over the past two weeks, is now showing signs of improvement. Previously, the lack of bullish momentum had caused traders to shift from positive to negative sentiment in February, as many had sought to capitalise on falling prices.
Now, however, the funding rate has returned to positive territory, suggesting a possible change in market sentiment. The funding rate is a mechanism that balances long and short positions in the perpetual futures markets. Positive values indicate that long positions dominate, with the contract price higher than the spot price. This means that more and more traders are betting on a price increase, buying ADA with the expectation of reselling it at a higher price and agreeing to pay a premium to maintain their long positions.
ADA Forecast: Will Price Defend Support at $0.85?
The price of Cardano has risen 18% in the past 24 hours, successfully breaking through resistance at $0.77. Now the altcoin is aiming to turn the $0.85 resistance into support. A confirmed break could trigger further growth, attracting investors' interest. At the same time, the lower boundary of the bullish "falling wedge" pattern remains intact, supporting the possibility of further positive momentum.
Converting $0.77 into support is crucial for the continuation of Cardano's bullish trend. If this level holds and $0.85 becomes support, ADA could aim to reach $0.99 or even $1.00. Such a move would signal sustained momentum and could represent the beginning of a long-term bullish trend.
However, if ADA fails to break through resistance at $0.85, it could return to $0.77 or even fall back to $0.70. A drop to these levels would invalidate the current bullish scenario and could lead to renewed selling pressure.
The price of Cardano has risen 18% in the past 24 hours, rebounding after a significant correction. This recovery indicates that the bullish pattern that ADA was forming remains intact, signalling optimism for future price movements.
After several difficult weeks, Cardano's ability to regain momentum against ADA USDT offers hope for a possible upward trajectory and positive price dynamics in the near term.
Confused Cardano Traders: A Change in Market Sentiment
In the past month, Cardano investors have suffered significant losses as the price continued to fall. Many trades were executed at a loss, with the market unable to sustain significant bullish movements.
However, a recent increase in profitable trades is a positive sign, suggesting a possible change in market sentiment. As the ADA price has risen from recent lows, the volume of profitable trades has increased, indicating that investors are beginning to recoup earlier losses. This shift, with gains now outweighing losses, suggests growing stability and support for the altcoin, potentially paving the way for further price increases.
Cardano's Funding Rate Shows Signs of Improvement
Cardano's funding rate, which has been fluctuating over the past two weeks, is now showing signs of improvement. Previously, the lack of bullish momentum had caused traders to shift from positive to negative sentiment in February, as many had sought to capitalise on falling prices.
Now, however, the funding rate has returned to positive territory, suggesting a possible change in market sentiment. The funding rate is a mechanism that balances long and short positions in the perpetual futures markets. Positive values indicate that long positions dominate, with the contract price higher than the spot price. This means that more and more traders are betting on a price increase, buying ADA with the expectation of reselling it at a higher price and agreeing to pay a premium to maintain their long positions.
The price of Cardano has risen 18% in the past 24 hours, successfully breaking through resistance at $0.77. Now the altcoin is aiming to turn the $0.85 resistance into support. A confirmed break could trigger further growth, attracting investors' interest. At the same time, the lower boundary of the bullish "falling wedge" pattern remains intact, supporting the possibility of further positive momentum.
Converting $0.77 into support is crucial for the continuation of Cardano's bullish trend. If this level holds and $0.85 becomes support, ADA could aim to reach $0.99 or even $1.00. Such a move would signal sustained momentum and could represent the beginning of a long-term bullish trend.
However, if ADA fails to break through resistance at $0.85, it could return to $0.77 or even fall back to $0.70. A drop to these levels would invalidate the current bullish scenario and could lead to renewed selling pressure.
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