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Optimistic Predictions for ADA and XRP Could Surge Due to Increased Short Positions
Cardano, celebrated for its growing network adoption through the Sundae v3 protocol, has caught the attention of the cryptocurrency community, particularly its native token ADA. Fiery Trading recently conducted a comprehensive technical analysis on TradingView, projecting a potential surge in ADA’s price to $40 or beyond if it continues trading within its current range. As anticipation builds for the next bullish cycle, this bullish forecast suggests ADA might soon achieve an explosive all-time high.
Fiery Trading, though cautiously optimistic, highlighted the potential return ratio, deeming the scenario “worth the risk.” Investors are urged to consider ADA as a strategic addition to their portfolios, with current levels possibly representing an unprecedented entry point.
Notably, short sellers have escalated their positions against ADA and XRP, the native token of the XRP Ledger. Paradoxically, for long-term investors, this trend could be advantageous. The unwinding of these short positions might bolster the prices of these cryptocurrencies.
According to on-chain analytics by Santiment, starting from September 2023 for ADA and May 2024 for XRP, Binance’s funding rates indicate a prevalence of short positions over long ones.
Market Performance Update
As per CoinMarketCap data, ADA is presently trading at approximately $0.3916, reflecting a modest increase of 0.86% in the last day. However, over the past week, the token has displayed a bearish trend, declining by 0.46%. This mixed performance mirrors the current market volatility and uncertainty.
Further enhancing the positive outlook is the burgeoning utilization of Cardano’s ecosystem. CNF recently reported that the Sundae v3 protocol processed approximately 9,264 transactions in the last 24 hours, underscoring a substantial surge in activity.
For more insights into Cardano:
– Explore our Cardano buying guide
– Learn about Cardano wallets
– Track Cardano’s latest price trends
– Stay updated with Cardano news
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