Cardano ($ADA ) demonstrated strong growth, liquidating a short position worth $144,000 at a level of $1.015.
📊 What Happened?
Unexpected Growth: The price of ADA has skyrocketed, leaving traders with short positions at a loss.
Short Squeeze: The liquidation of a large short position intensified the buying momentum, pushing the price of ADA higher.
📈 Market Impact:
Strengthening Bullish Trend: Liquidations of large positions can accelerate the upward trend, attracting new buyers.
Change of Sentiment: The liquidation of large shorts can contribute to strengthening the bullish sentiment in the market.
🔮 What to Expect Next?
ADA may continue to rise, testing resistance levels around $1.05 and above. Traders should be prepared for a possible correction, but the short-term outlook remains bullish. 🚀