ADA’s Bullish Surge: Long-to-Short Ratio and Stablecoin Market Cap Hit Highs – BlockNews
😲 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
- 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.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
