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Cryptocurrency prices continued to be influenced by various bullish factors. However, Cardano (ADA) did not benefit from this upward momentum. Unlike its competitors, ADA’s price charts are not showing a bullish trend. The excitement around Ethereum (ETH) ETFs, combined with the US House’s vote on a landmark cryptocurrency bill, initiated a mini bull run.
ADA’s Bull Run
ADA’s monthly price chart suggests that bulls might be in a consolidation phase rather than being completely inactive. Therefore, the potential for a future bull run still exists. At the time of writing, ADA is trading near the upper middle range of the recent interval, around $0.4836, showing some resistance after testing lower levels earlier in the month. If ADA holds support above $0.43 and breaks resistance around $0.60, it could confirm a bullish trend.
However, failing to hold these support levels could lead ADA to retest lower support zones at $0.4 or even $0.38. Additionally, analysis of Coinglass data shows a significant 21.54% drop in ADA’s trading volume. Overall, this could indicate a decrease in active trading. The long/short ratio on various platforms shows mixed views.
Indecision in ADA
For example, the ADA/USDT ratio on Binance being quite high for long positions (3.8287) indicates a bullish sentiment among investors on this platform. In contrast, the overall market sentiment being more balanced shows indecision between bulls and bears. However, relatively stable open positions could confirm the analysis that bulls are currently in a reassessment phase rather than retreating. A notable amount of liquidation occurred in the last 24 hours, mostly on the short side. This suggests that ADA’s decline primarily affected short sellers. Additionally, the Cardano fear and greed index is currently at 44%, indicating a neutral sentiment among investors.
