Cardano (ADA), a prominent crypto, has registered a phenomenal rally today. The latest surge has propelled the ADA price beyond $0.48. Hence, Cardano addresses holding a total of $2.71 billion tokens have now reached break even after suffering from losses earlier owing to the continued declines.
Cardano Addresses Hit Break Even
According to Into The Block on-chain analytics, the Cardano addresses that purchased ADA at an average price of $0.47 have finally reached break even. Therefore, a further rally will make these investments profitable. Moreover, analysts suggest that Cardano is bracing for a rally due to the ADA/BTC hitting the bottom lately.
In a recent market analysis on X, noted crypto analyst Sebastian highlighted promising signs for Cardano against Bitcoin (BTC). According to Sebastian, the ADA/BTC chart appears to have bottomed out, signaling a potential bullish reversal. According to Trading View, the pair hit a bottom of 0.00000680 on Thursday, May 16. Thereafter, the ADA/BTC pair recorded a resurgence.
Moreover, in the 24-hour frame it gained 0.28% to 0.00000723. Furthermore, the analyst pointed out the presence of bullish divergence. This technical indicator suggests that the downtrend may be weakening and a rally could be imminent for the Cardano price.
The analyst emphasized a critical resistance level, which is set above 0.0000079. If ADA can break above this resistance, Sebastian believes it could trigger an extended rally, making it a prime candidate for investors looking to maximize returns. “A perfect moment to swap BTC for ADA and ride this next wave,” he advised. This suggests that Cardano could outperform Bitcoin in the near future.
Also Read: Cardano price prediction: Is ADA Ready to Test the Crucial $1 Resistance Level Soon?
ADA Price Surges
The Cardano price neared the $0.49 mark and topped at $0.4899 today. As of writing, the ADA price was up 1.21% to $0.4862 on Saturday, May 18. In contrast, the 24-hour trading volume for ADA slumped 24.31% to $327.18 million. Whilst, the crypto held a market cap of $17.31 billion.
The Cardano futures open interest remained stable at $289.77 million, according to Coinglass data. Meanwhile, short sellers dominated the liquidations as the ADA price rebounded. Hence, ADA short liquidations amounted to $282.66 in the last 24 hours, which was more than three times of the long liquidations.
These short liquidations could push the Cardano price higher before a dump ensues. Currently, the ADA value is fairly higher than the 10-day EMA of 0.46, indicating a short-term bullish sentiment. However, the long-term trend has been bearish as the crypto trades lower than the 100-day and 200-day EMAs of 0.525 and 0.507, respectively.
Also Read: Solana Price Soars With Experts Hinting $200 As Next Target For SOL
Read More: Addresses With $2.7B ADA Hit Break Even As ADA/BTC Bottoms Out