The price of the native token of the Cardano network, ADA, could soon explode upwards in a meteoric rise that would see it surge to the $40 or even higher, based on a technical analysis pattern.
According to cryptocurrency analyst Fiery Trading, who published his Cardano price prediction on TradingView, if the cryptocurrency keeps trading within its current channel it could soon bounce to an explosive all-time high as “there’s a possibility of ADA going for the top of the channel in the coming bull-cycle.”
The analyst noted that the outcome isn’t likely to materialize, but noted with its expected return ratio it’s “worth the risk,” and added current levels could be “your best ADA entry for the rest of your life.”
As CryptoGlobe reported short sellers have been increasing their bets against both ADA and the native token of the XRP Ledger ($XRP) in a potential positive development for poatenti long-term investors as liquidated shorts can help propel these cryptocurrencies’ prices.
That’s according to on-chain analytics firm Santiment, which noted in a post on the microblogging platform X (formerly known as Twitter) that funding rates on cryptocurrency exchange Binance indicate a dominance of short positions over longs since September 2023 for ADA and May 2024 for XRP.
Also read: AI Prediction: XRP ($XRP) vs. Cardano ($ADA) – Which Is Likely the Better Buy for the Rest of 2024
The finding comes as investors seek a revival in the cryptocurrency market, with ADA and XRP emerging as two altcoins experiencing a rise in short positions following a recent price uptick. Short selling sees traders borrow an asset, sell it, and aim to repurchase it later at a lower price to pocket the difference.
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