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Cardano’s ADA Flashes Bullish signal On Several On-Chain Metrics
The post Cardano’s ADA Flashes Bullish signal On Several On-Chain Metrics appeared on BitcoinEthereumNews.com. Cardano (ADA) surged over 6% in the past 24 hours, supported by a rise in on-chain activity, including a Long/Short Ratio above 1. If ADA price can close above $0.35, analysts anticipate a potential 20% price rise to $0.42. Amid the bullish narrative around the Federal Reserve rate cuts, Cardano (ADA) has joined the broader market rally supported by bullish on-chain metrics that indicate ADA price momentum ahead. Over the past 24 hours, the ADA price has rallied more than 6% and is currently trading at $0.3501 with a market cap of $12.58 billion. Cardano Shows Bullish On-chain Metrics According to Coinglass stats, ADA’s Long/Short Ratio stood at 1.0152 at the time of writing. This ratio indicates that traders are leaning towards a bullish market sentiment. Typically, a Long/Short Ratio above 1 suggests that traders are building more long positions than short ones. Moreover, long accumulations are often viewed as a sign of potential price increases. Earlier this week, the Cardano blockchain also hit the milestone of 96 million transactions, per the CNF report. In addition to this, ADA’s Futures Open Interest rose by 6.09% to $199.89 million in the last 24 hours. This increase has been steady since early September 2024. Rising Open Interest, coupled with a Long/Short Ratio above 1, indicates that traders are likely positioning for a potential price increase. Furthermore, per the CNF report, the surge in active addresses is also bullish for the altcoin. However, the rise in Open Interest could also signal that some investors are hedging their positions in anticipation of market volatility. At present, 51.2% of top traders are holding long positions. Meanwhile, 48.8% of traders have raked in short positions. This slight majority suggests that traders remain cautiously optimistic about ADA price. Adding to the bullish sentiment, ADA’s OI-Weighted Funding Rate…
The post Cardano’s ADA Flashes Bullish signal On Several On-Chain Metrics appeared on BitcoinEthereumNews.com.
Cardano (ADA) surged over 6% in the past 24 hours, supported by a rise in on-chain activity, including a Long/Short Ratio above 1. If ADA price can close above $0.35, analysts anticipate a potential 20% price rise to $0.42. Amid the bullish narrative around the Federal Reserve rate cuts, Cardano (ADA) has joined the broader market rally supported by bullish on-chain metrics that indicate ADA price momentum ahead. Over the past 24 hours, the ADA price has rallied more than 6% and is currently trading at $0.3501 with a market cap of $12.58 billion. Cardano Shows Bullish On-chain Metrics According to Coinglass stats, ADA’s Long/Short Ratio stood at 1.0152 at the time of writing. This ratio indicates that traders are leaning towards a bullish market sentiment. Typically, a Long/Short Ratio above 1 suggests that traders are building more long positions than short ones. Moreover, long accumulations are often viewed as a sign of potential price increases. Earlier this week, the Cardano blockchain also hit the milestone of 96 million transactions, per the CNF report. In addition to this, ADA’s Futures Open Interest rose by 6.09% to $199.89 million in the last 24 hours. This increase has been steady since early September 2024. Rising Open Interest, coupled with a Long/Short Ratio above 1, indicates that traders are likely positioning for a potential price increase. Furthermore, per the CNF report, the surge in active addresses is also bullish for the altcoin. However, the rise in Open Interest could also signal that some investors are hedging their positions in anticipation of market volatility. At present, 51.2% of top traders are holding long positions. Meanwhile, 48.8% of traders have raked in short positions. This slight majority suggests that traders remain cautiously optimistic about ADA price. Adding to the bullish sentiment, ADA’s OI-Weighted Funding Rate…
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