Cardano has reclaimed the top ten spot in crypto ranking by market cap. A 10% surge in 24 hours triggered the highest short liquidations in 24 hours.
has reversed from bearish trends amid a recovery across the broader cryptocurrency market. In just 24 hours, ADA has gained by nearly 10% to trade at $0.362 at press time.Data from Coinglass shows that around $868,000 in open positions on ADA were liquidated. Short sellers suffered the biggest blow as short liquidations came in at $608,000.At the same time, funding rates surged significantly, jumping from 0.0008% to 0.0093% at press time.
This surge suggests that derivative traders were increasingly opening new long positions on Cardano. When long positions increase, it shows that traders have become optimistic about ADA’s future performance.Cardano has formed a double-bottom pattern, which often precedes a bullish reversal. This pattern indicates ADA has found a strong support level, with an upward momentum likely to follow.ADA has tested support at the neckline of this double bottom pattern at $0.364.
A breakout towards this resistance level will be possible if there is also an uptick in trading volumes. The on-balance volume indicator has risen on the one-day chart. This shows that buying pressure is increasing alongside the price increase. The Relative Strength Index also supports the likelihood of a rally towards the target price. This indicator has surged to 55 and crossed above the signal line confirming that bullish momentum is in play.The Cardano Market Value to Realized Value ratio has dropped significantly in the last four days from 0.723 to 0.661 at press time.
A declining MVRV ratio shows that ADA’s market value is below the realized value. It indicates that the current ADA buyer is buying at an undervalued price.However, it is important to note that even a decline in the MVRV ratio could also show that investors are losing confidence in the ADA rally. As such, more buyer support is needed to confirm the uptrend.However, ADA’s recent rally looks dependent on the broader market sentiment.
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