Cardano Skyrockets Over 40% – Funding Rate Suggests Further Upside
2024年11月10日 - 9:30AM
NEWSBTC
Cardano (ADA) has made a significant move, breaking above the
long-standing $0.40 resistance and reaching a key supply level at
$0.45 after an impressive 42% surge over the past few days. This
breakout is sparking fresh optimism among investors who have been
waiting for ADA to demonstrate sustained strength. According
to recent data from Coinglass, ADA’s funding rate has risen to
levels not seen since June, indicating strong demand and suggesting
that this rally could only be the beginning of a larger trend.
Related Reading: Ethereum Analyst Sees Altseason Potential As BTS
Is Still Outpacing ETH – Time To Buy Altcoins? This rising funding
rate points to increased leverage in the market as traders grow
more bullish on ADA’s potential for further gains. If ADA holds
above the $0.40 mark, it could establish a new support level,
reinforcing its recent uptrend and opening the door for even higher
targets. However, the next few days will be crucial as the crypto
market continues to rise, with key resistance and support levels in
play. As traders closely watch ADA’s price action, it remains to be
seen if this surge can sustain the momentum and push Cardano toward
new highs. Cardano Is Starting To Rise Cardano has staged a
powerful rally after months of selling pressure, marking its first
major bullish move recently. With a push above crucial resistance
levels, ADA has not only shaken off its downward trend but has also
set up a new bullish price structure. Recent data from Coinglass
underscores this bullish sentiment, showing that the open interest
(OI)-weighted funding rate for ADA has reached its highest level
since June. This surge in funding rates is a strong indicator of
increased optimism among investors, as traders are willing to pay a
premium for long positions, betting on Cardano’s continued rise.
The positive funding rate implies that ADA demand is on the rise,
with market participants eager to enter bullish trades. This
breakout above key levels is attracting substantial interest from
both retail and institutional investors, who are now positioning
themselves for potential further upside. Many analysts suggest that
this pump could serve as the catalyst for a more extended bullish
continuation if Cardano can maintain its momentum. While ADA will
need to establish new support at its breakout levels to confirm
this trend shift, the recent uptrend signals renewed confidence in
Cardano’s long-term potential. Related Reading: Bitcoin ETFs See
Historic Surge – Institutions Go Bullish On BTC With $1.38 Billion
Record Inflows As ADA continues to push upward, traders are now
watching closely for a consolidation phase, which could provide the
fuel needed for the next leg of this rally. If support holds around
these levels, Cardano could be on the brink of a broader uptrend,
making it a key altcoin to watch as the market recovers and
interest in high-potential assets resurges. ADA Price Action: Key
Levels To Watch Cardano (ADA) is currently trading at $0.43,
following a strong surge that took it above the 200-day moving
average (MA) at $0.39—a crucial level indicating long-term strength
and trend reversal. This move above the 200-day MA suggests that
bulls are in control, setting the stage for potential further
gains. To sustain this momentum, it’s essential for ADA to hold
above this moving average as support, reinforcing the bullish
outlook. The recent price action remains very positive, with ADA
consistently pushing to challenge new supply levels. The next key
target is $0.458, a resistance level that, if broken, could open
the door to even higher price marks. However, a brief retracement
to lower demand levels around $0.415 would be a constructive move,
allowing ADA to build a solid foundation before another potential
rally. Related Reading: Solana Breaks Above Key Resistance – Top
Analyst Sets $300 Target This controlled pullback could attract
fresh buying interest and provide the necessary fuel for ADA to
move further upward. Overall, with price action aligning with key
technical indicators, ADA’s recent surge above the 200-day MA
highlights a promising shift for the asset, with further bullish
developments likely if critical support levels hold firm. Featured
image from Dall-E, chart from TradingView
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