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Cardano‘s (ADA) price gained momentum by surpassing key resistance levels, marking a significant deviation from the previous downtrend. ADA’s price rose by 3% along with the general upward trend in the cryptocurrency market and is currently trading at $0.3437. Positive developments such as Binance Pay starting to support ADA are behind this rise. Accordingly, merchants worldwide can now use ADA with zero transaction fees and fast transactions. In addition to these developments, recent sudden rises in Bitcoin (BTC) and other cryptocurrencies also contributed to the sudden trend change in ADA’s price.
Binance Pay Support Is a Major Step for Cardano’s Adoption
Cardano Foundation announced on its X account that Binance Pay will now accept ADA, allowing merchants worldwide to benefit from zero transaction fees and instant payments. Binance Pay has over 30 million users globally, and this broad user base is considered a significant step towards Cardano’s mass adoption.
Binance Pay support came right after the significant success of the Cardano Hydra Layer-2 solution at the RareEvo Blockchain event in Las Vegas. Hydra’s demo on a special game called DOOM performed more transactions than the total transactions in the history of the Cardano mainnet at low costs. This development stands out as a positive factor for ADA’s price.
Investors Bet on ADA’s Rise
With the recent trend change in the market, investors have also started to change their positions. According to Coinglass’s Liquidation Map, the sentiment towards Cardano turned positive almost overnight. The map shows that long positions ($10 million) outnumber short positions ($3 million), indicating that investors expect the price to rise further.
A deep analysis of the Liquidation Map reveals that the size and volume of short positions have significantly decreased. Most investors have opened long positions at the $0.339 and $0.324 levels.
ADA’s recent price movement signals a potential bull signal by breaking the upper trend line of the falling wedge formation. The breakout indicates an exit from the previous downtrend and shows that momentum has shifted upwards. ADA’s price faces some resistance at the 200-day Exponential Moving Average (EMA) and the peak of the current consolidation zone at the $0.3621 level. If these resistances are overcome, the price is expected to rise by 25% to the $0.4500 level.
Moreover, the Relative Strength Index (RSI) indicator is currently at 60.45, which supports the upward momentum but indicates that it has not entered the overbought zone. This suggests that the price may encounter resistance as it approaches higher levels.
If ADA’s price falls below the $0.3280 level, the emerging bull thesis will be invalidated, and the price is expected to drop targeting the $0.3220 level.
