🔥 $ADA Price Bullish Thesis Hints 78% Breakout Amid Negative Sentiment - CoinGape
🚀 Cardano's Recent Price Surge
Cardano (ADA) saw a notable rise towards the end of last week, closing above a key resistance level. However, the Chang hard fork delay by four days has dampened investor confidence, causing ADA to drop 3.7% to $0.3857 in the last 24 hours.
📉 Impact of Chang Hard Fork Delay
Since the delay, ADA has shown signs of stagnation, with reduced network profitability and volume. Santiment data reveals a drop in the network’s daily profit ratio to 0.88, indicating more transactions are in loss than profit. The Network Profit/Loss (NPL) ratio has also been declining, showing net losses on recent transactions.
📊 Bearish Sentiment and Metrics
Coinglass data shows a 2.21% drop in Cardano’s open interest and a 3.03% decrease in price over the past 24 hours. This suggests traders are closing Long positions and potentially opening Shorts, aligning with the bearish sentiment. If ADA holds above the current price, it could still see a 78% surge.
🔍 Key Levels to Watch
Cardano is trading near the upper boundary of a descending channel, with resistance around $0.40–$0.42 and a critical level at the 200-day EMA of $0.4355. A close above this level could signal a trend reversal and potential targets of $0.50, $0.60, and $0.70. Conversely, if ADA fails to hold the 50-day EMA support, key support levels are around $0.35 and $0.30.
