- Bullish sentiment rises: Cardano’s long-to-short ratio hit 1.15, its highest in a month, signaling growing trader confidence in a price move upward.
- Stablecoin activity spikes: ADA’s stablecoin market cap reached an all-time high of $30.77M, reflecting increased DeFi adoption and on-chain utility.
- Key resistance ahead: Price hovers near $0.74; a breakout above $0.77 could trigger a 13% rally—but dormant wallet activity may increase selling pressure.
Cardano (ADA) is back in motion this week, floating around the $0.74 mark after bouncing over 4% since Monday. Not exactly fireworks… but there’s something brewing under the surface. On-chain data’s flashing some pretty encouraging signals. Traders seem to be getting gutsy, and stablecoin inflows? Yeah, they’re spiking.
Traders Are Placing Their Bets—Big Time
According to Coinglass, Cardano’s long-to-short ratio just hit 1.15, the highest it’s been in over a month. That means more people are betting on ADA to climb rather than fall. A ratio over 1? Classic bullish vibes.
And get this—DefiLlama shows that ADA’s stablecoin market cap hit an all-time high on Monday: $30.77 million. That’s not just numbers on a screen—it hints at growing DeFi action on the Cardano network. More stables = more users doing stuff, plain and simple.
Tech Side: Rejection, Resistance… and Maybe a Rebound?
Earlier this week, ADA tried to push past its 50-day EMA near $0.77, but nope—got smacked back down with a quick 2.16% dip. This level also lines up with weekly resistance, so naturally, it’s proving tough to crack. Still, ADA’s holding slightly above $0.74 at the time of writing.
Here’s the kicker: if ADA can close above $0.77, bulls might drive it up another 13%, with $0.83 as the next checkpoint.
Looking at indicators:
- RSI is at 49, just shy of the neutral 50 line. It’s pointing upward, but until it crosses that midpoint, the bullish case isn’t rock-solid.
- MACD? It gave us a bullish crossover on Tuesday—a nice little buy signal for anyone keeping tabs.
Watch Out for Sneaky Moves from Dormant Wallets
Now, before anyone goes all-in, here’s a red flag: Santiment’s Age Consumed metric just jumped. That means long-silent wallets are suddenly waking up—often a sign that some big holders might be prepping to sell. And if that happens? Selling pressure could sneak in and knock the price back down.
