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Cardano’s 25% price increase in one week brutally liquidated ADA bears

Published by
Nonhlanhla P Dube

Cardano’s ADA token price surge of 25% last week was accompanied by a large-scale liquidation of short positions, according to crypto analytics firm Santiment. This is easily seen on the chart, which shows the token’s price and the funding rate on exchanges. Bears suffered the most while trading ADA since the funding rate fell below the price when it reversed. 

According to the Santiment chart, the ratio of liquidated long positions to liquidated short positions was 1 to 2 at the end of the week. The number of successfully opened short positions, however, outnumbers the number of successfully opened long positions.

In any case, ADA finished the week on a high note, accomplishing a 25% rise at one point. The token quotation increased by 15% at the conclusion of the week, and its price remained above R8.42. Cardano has surpassed its competitors in the top CoinMarketCap by market capitalization and currently ranks sixth. Cardano has a market capitalization of R298 billion, which puts it ahead of Binance USD (BUSD), XRP (XRP), Solana (SOL), and Dogecoin (DOGE).

Will the Vasil Hard Fork overcome the Fed’s impact on ADA markets?

Whether we should expect Cardano prices to continue rising is an open subject that is heavily influenced by the overall state of the crypto market. While the Cardano community prepares for the long-awaited Vasil network upgrade, the economy is being ruled by the recession and the decisions of the United States Federal Reserve. Of course, the latter weighs heavily on Cardano supporters’ optimism, but miracles can happen even in the crypto winter.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: Cardano
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