Cardano (ADA) May Soon Hit an Explosive All-Time High, Predicts Analyst Fiery Trading

The cryptocurrency world is buzzing about Cardano's native token, ADA. Fiery Trading just conducted a technical analysis on TradingView that suggests that if ADA keeps trading in its present channel, it may increase sharply to $40 or more.

Cryptocurrency analytic platform Fiery Trading recently shared its technical analysis on TradingView for Cardano's (CRYPTO: ADA) native token, ADA. The analysis suggests that if the token continues trading within its current channel, it could rally sharply to hit $40 or more. This bullish prediction bodes well for ADA, especially with the next bull cycle on the horizon, indicating a potential explosive all-time high for the token.

Cardano's Bullish Predictions and High Return PotentialHighlighting the low probability of this scenario but emphasizing its significance, cryptocurrency analyst Fiery Trading noted that the anticipated return ratio makes this possibility "worth the risk." The analyst urged investors to consider ADA for a strong addition to their portfolios, suggesting that current levels might be “your best ADA entry for the rest of your life.”

In other news, short sellers have been ramping up their bets against ADA and XRP (CRYPTO: XRP), the native token of the XRP Ledger. This trend bodes well for long-term investors in these cryptocurrencies.

On-chain analytics company Santiment noted that this scenario usually precedes a sharp increase in the prices of these cryptocurrencies, thanks to the liquidation of short positions.

According to Santiment, funding rates on Binance show a preponderance of short positions over long ones starting in September 2023 for ADA and May 2024 for XRP.

Current Market PerformanceADA is currently trading at around $0.3916, up 0.86% in the past day, according to data from CoinMarketCap. Over the past seven days, however, the token has shown a bearish trend, with a decline of 0.46%. This mixed performance reflects the current volatility and uncertainty in the market.

Moreover, supporting the bullish narrative is the increasing utilization of Cardano's ecosystem. As reported by CNF last week, Cardano's Sundae v3 protocol handled about 9,264 orders in the past 24 hours, indicating a significant surge in usage.

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