Crypto Analyst Suggests Cardano ($ADA) Could See Meteoric Price Rise to $40

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As a researcher with extensive experience in cryptocurrency market analysis, I find Fiery Trading’s Cardano price prediction intriguing. Based on technical analysis patterns, there is a strong possibility that ADA could experience a meteoric rise and surge to prices as high as $40 or even beyond.

Based on technical analysis, the cost of the indigenous token of the Cardano blockchain, ADA, may experience a remarkable increase, potentially reaching prices as high as $40 or more in the near future.

Based on the analysis of crypto expert Fiery Trading, as expressed in a post on TradingView, if Cardano continues to trade within its current channel, there’s a likelihood that its price could soon surge to a new all-time high during the upcoming bull market.

The analyst expressed doubt about the likelihood of the result occurring, yet emphasized its potential reward-to-risk ratio, making it a “worthwhile risk.” Furthermore, they suggested the current price level might represent an optimal opportunity to invest in ADA, potentially leading to significant returns throughout your investment tenure.

According to CryptoGlobe’s latest update, short sellers have been ramping up their wagers against Cardano (ADA) and Ripple (XRP), the native token of the XRP Ledger. This could be a promising sign for long-term investors as the forced buying from liquidated shorts can potentially boost the prices of these cryptocurrencies.

According to Santiment, an analytics firm specializing in on-chain data, the trend on Binance exchange shows that short positions have been more prevalent than long positions for ADA since September 2023, and for XRP since May 2024. (Paraphrased version)

The discovery arises as investors are attempting to rejuvenate the cryptocurrency market, with ADA and XRP being two alternative coins that have seen an increase in short positions after a recent surge in prices. Short selling involves borrowing an asset, instantly selling it, and subsequently purchasing it back at a reduced price to secure a profit.

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2024-06-26 05:07