Cardano (ADA) has risen nearly 3%, reaching 0.8000 USD. The increase in long positions highlights traders’ bullish sentiment, reflected in the ADA long-to-short ratio climbing to 1.0421. The potential price surge to 0.797 USD may lead to a shift in market dynamics.
Cardano is showing signs of a breakout from a falling wedge pattern, with the 100-period EMA at 0.7886 USD acting as a resistance. Successful surmounting of this level could lead to a target price of 0.8435 USD, whereas a dip to the pivot level at 0.7498 USD remains a risk.
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