As the market turned bullish, Cardano [ADA] was not left out as it registered promising gains in the last 24 hours
was not left out as it registered promising gains. But there was more to the story. The token just broke above a crucial resistance, which suggested that ADA could next move towards $1.ADA bulls pushed the token’s price up by more than 6% in the last 24 hours alone. At press time, it was
AMBCrypto then checked Cardano’s on-chain data to see how metrics were affected due to the latest price rise. However, a look at Coinglass’ data revealed a bearish signal. Cardano’s long/short ratio declined in the last 24 hours. This meant that there were more short positions in the market than long positions, which was concerning.Therefore, we then assessed the token’s daily chart. As per our analysis, Cardano was once again approaching a resistance. The technical indicator MACD displayed a bullish advantage, indicating a successful breakout above that mark.
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