ADA, the cryptocurrency Cardano’s ticker—the token that powers the smart-contract-enabled Cardano blockchain—is experiencing a modest retracement on Thursday after a two-day surge. Cardano has risen roughly 18% since Monday’s lows under $0.35, with the most recent transaction slightly above $0.4050. With ADA weighing somewhat as short-term bullish speculators cut profits, that is a little more than 3.0% lower than earlier session highs in the $0.42s.
Cardano Price Prediction
| DATE | ADA | USD |
|---|---|---|
| Today | 01 | 0.404904 |
The latest surge in ADA corresponds with the cryptocurrency industry’s face-ripping rally, which has reached its greatest levels since early November. Bitcoin gained almost 10% on Wednesday to reach its highest level in months around $24,500, while Ethereum is testing multi-week highs in the $1,700 range. The increase is being attributed to a short-position squeeze, according to experts. This has the ability to significantly increase Cardano’s value.
Today’s ADA Price
According to cryptocurrency derivatives website coinglass.com, short-position liquidations have increased to one-month highs in the last three days. For the last two days, exchanges have forced the closure of around $3.75 million in short positions, which is higher than on January 13th. With ADA up about 65% year to date, the most recent upward surge signals a substantial breach to the north of Cardano’s 200-Day Moving Average.
