- Cardano key support level at $0.3172 hold with potential for a breakout above the downward trendline.
- Long/short ratio and outflows of exchanges show a bullish trend.
Cardano [ADA] Recently, the price of ADA has seen a rise. At the time of publication, ADA was trading at $0.3409, a 2.68% increase in 24 hours, and a 4.44% rise in the past week.
The key level of support remains solid
ADA was accumulating a bullish trend from a major support level at $0.3172. The psychological support that has existed for several weeks is a historical support. Cardano was consolidating its prices in a triangle ascending pattern on the chart.
ADA is currently on a trend that goes back to early 2024.
Cardano prices have repeatedly tested this resistance, yet they still aren’t able to clear it.
Breaking above the trendline and the level of strong support may indicate a positive reversal.
Chart shows a clearly descending trendline, with lower highs. The stochastic RSI, however, indicates a crossover bullish, as the RSI moves up from the oversold area.
The bullish divergence may signal an upcoming rally in the short term as momentum begins to favour bulls.
Cardano net flow shows a positive picture
Coinglass’ data on exchange net flows shows that Cardano inflows are dominated by outflows. It appears that investors have moved their ADA to cold storage from the exchange.
This sign is usually bullish, as it indicates a reduced willingness to sell on the short-term.
Coinglass
Cardano rally slowed by liquidation pressure
AMBCrypto analysis of liquidation heatmap data from Coinglass highlights a key zone of liquidation pressure around the $0.34–$0.36 mark.
As bears cover short positions they may be able to drive prices higher.
Coinglass
If you’re looking for something realistic, this is it. ADA’s market cap in BTC’s terms
Bears versus bulls
Cardano’s long-short rate favors longs at the moment. Long-short has seen a rise, currently standing at 1,31.
Coinglass
Cardano can be positioned to have a possible bullish break out if it is able to hold the $0.3172 level and overcome the upper resistance.
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Source: ambcrypto.com