Cardano Price Forecast as Founder of Crypto Capital Venture Says ADA is Likely Not a Security – ADA to the Moon?

16 Feb 2023 03:04 AM

ADA, the ticker for cryptocurrency Cardano, the token that powers the smart-contract-enabled Cardano blockchain, is seeing a modest pull-back on Thursday in the wake of a ferocious two-day rally. Since Monday’s lows under $0.35, Cardano has seen a stunning nearly 18% rally, with ADA/USD last changing hands just above $0.4050. That a little over 3.0% below earlier session highs in the $0.42s, with ADA weighed modestly as short-term bullish speculators take profit.

ADA’s latest run higher, which saw it hit its highest levels since early November, comes in tandem with a face-ripping rally seen across the cryptocurrency space – Bitcoin surged nearly 10% on Wednesday to hit its highest level in months above $24,500, and Ethereum is probing multi-week highs in the $1,700 area once again. Analysts have put the rally down to a squeeze on short positions. That could certainly be a factor lifting Cardano.

According to crypto derivatives website coinglass.com, short-position liquidations spiked to one-month highs in the last few days. The last two days have seen over $3.75 million in short positions forcefully shut by exchanges, the most the 13th of January. The latest move higher marks a meaningful break to the north of Cardano’s 200-Day Moving Average, with ADA now up around 65% on the year.

Cardano Price Forecast as Founder of Crypto Capital Venture Says ADA is Likely Not a Security – ADA to the Moon?

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