Cardano Just Obliterated the Bears—See Why $0.80 Might Be the Next Stop 🚀

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  • Cardano’s mood swings to “upbeat” as more than $880K worth of shorts get shown the exit door by market forces. Ouch.
  • ADA regains important Fibonacci levels, with a possible encore up to $0.80 as the MVRV ratio perks up like a dog at feeding time.

Cardano [ADA] found itself at yet another “critical juncture”—because apparently, everything in crypto is always at a critical juncture—hovering around that ever-so-significant $0.708 mark. This is the part of the movie where the hero looks at the big red button and wonders whether to press it.

Just days earlier, ADA had been lounging near $0.66, only to shoot up in a display of bullish enthusiasm worthy of an energy drink commercial. Both retail and institutional traders seem to have caught the fever, with retail sentiment clocking in at 0.81 and the so-called “smart money” practically doing cartwheels at 0.99. Enthusiasm like this is either the beginning of a glorious rally or the crypto equivalent of everyone piling onto the dance floor just as the party police arrive.

This upbeat mood coincided with ADA making flirtatious advances towards the top line of its downward-sloping channel. If it can actually cross that resistance, a continuation rally isn’t out of the question. Or, as they say in technical analysis, “We might actually go up now!”

The Bears Get Squeezed… Hard

Adding a bit of extra spice to ADA’s outlook: liquidations. For anyone unfamiliar, liquidation heatmaps are basically Wall Street’s version of a barbecue—except it’s short sellers getting roasted. Over the last 24 hours, more than $880,000 worth of short positions were torched across top exchanges, while the bulls on the long side only had to cough up a very polite $25.53K.

Binance, ever the stage for high-stakes drama, accounted for $421K of those short squeezes singlehandedly. Apparently, trying to bet against ADA this week was like bringing a balloon animal to a porcupine convention.

The heatmap suggests that the $0.74 to $0.75 range is absolutely packed with liquidation potential. In crypto, those clusters have a magnetic effect—if sentiment holds, we might have front-row seats for another leg higher. Popcorn, anyone?

Where Did the Whales Go?

On-chain data gurus at IntoTheBlock reveal that the big money has taken a vacation—maybe they’re stuck in traffic. Transaction volumes above $1 million crashed over 83%, and those above $10 million have basically vanished (down 87%).

This might indicate that it’s mostly “the little guys” doing the heavy lifting. And if the big whales ever decide to join the party, we could see fireworks. But for now, it’s a retail-driven rally—and history tells us that can mean either exhilarating highs or, very occasionally, the financial equivalent of waking up with a traffic cone in your living room.

MVRV Ratio: The Profit Alarm Is Ringing 📈

According to Santiment, ADA’s MVRV Ratio has jumped to +13.34%. In layman’s terms, Cardano holders are more profitable than a cat café in a college town. This ratio says many traders are sitting on unrealized profits, and we’re at that dangerous “decision zone.” Will they sell, or will optimism win out and nudge the price further?

Crucially, we’re still below that 25% “danger zone” where everyone runs for the exits, so there’s room for optimism. Or, as every financial commentator likes to say before things go sideways: “Further upside possible.”

Targets: Blame the Fibonacci Spiral

ADA has managed to reclaim the all-important 0.618 Fibonacci level at $0.6921 (if you don’t know what that means, don’t worry—nobody actually does). Eyes are now glued to the next magic numbers: $0.7186, $0.7523, and for the dreamers, $0.8498—the latter apparently being the promised land of technical analysis.

The DMI indicator is looking bullish too—kind of like a weather report calling for endless sunshine, while everyone outside is squinting at the clouds. If ADA keeps its perch above $0.72, the charts are hinting (with more optimism than a travel brochure) that a breakout could be on the cards.

The Last Word

bullish vibes everywhere, shorts getting crushed like grapes at a wine festival, price action looking perky, and profitability on the up. However, the lack of whales does suggest the story isn’t over yet—there’s a plot twist still waiting at the next major level.

If Cardano smashes through $0.75 and triggers another round of short liquidations, those $0.80 predictions just might become reality. But then again, crypto has a knack for surprising us all—usually when we’ve just made a smug prediction to our friends. 🐋🕺

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2025-05-09 10:11