Cardano (ADA) price has increased by almost 10% in the past 24 hours to its current price of $0.936. Also, according to Santiment, the ADA funding rate on Binance is currently negative, indicating a large number of shorts.
BTC/USD 4-hour chart | Source: TradingView
Cardano price is up nearly 10% in the last 24 hours
Cardano saw favorable price action over the previous year when it surged to an all-time high of $3.10 in early September. However, the seventh-largest cryptocurrency has been steadily falling and has dropped almost 70% of its ATH at current prices.
According to on-chain data analysis, the latest funding rate drop corresponds to the highest short-selling rate recorded on Binance as ADA surged to an all-time high of $3.10.
Source: Coinglass
Although negative funding rates signify that the crowd expects prices to fall, Santiment believes they may have a positive undertone. This is because, in most cases, short liquidations or a “short squeeze” can cause prices to rise. As a result, negative funding rates could be a positive sign in the near term.
While short-term price changes are possible, a large number of trades, or trades worth more than $100,000, can help predict long-term price changes. Cardano saw a massive increase in significant transactions in May 2021 and September 2021, when it hit an all-time high.
In another development, ADA is added by Bitrue as a basic currency for ten pairs. Bitrue is a multi-product cryptocurrency ecosystem prevalent among the XRP Army.
Our next phase of #Cardano $ADA support is launching Feb 24 at 12:00 UTC! Have you guessed what it is yet? More details will be coming real soon @Cardano pic.twitter.com/xD8wnVzAIN
— Bitrue (@BitrueOfficial) February 21, 2022
Starting from Feb. 24, 2022, Cardano (ADA) will be available as a base currency for the conversion of ETH, XDC, SOL, LTC, ICP, SHIB, GALA, AVAX, MATIC, and MANA, i.e., some of the most popular assets for the Bitrue community.
Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587
Read more:
- Cardano Recorded Another Milestone In Transaction Numbers Reaping, Up To 30.4 Million
- Cardano Records Huge Increase In On-Chain Activity, With New Addresses Rising By 167%