Cardano Stages Crypto Resurrection as Whale Talks Heat Up
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After months of sideways action, Cardano (ADA) is flashing bullish signals again—this time with institutional players circling. The 'Ethereum killer' might finally be waking up.
Whispers of big-money backchannel deals could fuel ADA's next leg up. Or, you know, it could just be another 'institutional interest' narrative to juice retail FOMO before the next dump. Classic crypto.
Cardano price ChartCardano Price Chart
The decline stabilized just above the $0.648 support level, with possible reinforcement from the psychological $0.65 mark. With a short-term recovery of nearly 2% this week, cardano has broken above a local resistance trendline formed by lower highs during the recent pullback.
Currently, ADA is testing the 50-period EMA at $0.70, aiming for a continued recovery. However, the 100- and 200-period EMAs near $0.72 serve as the next significant resistance zone. Thus, despite the trendline breakout, ADA still faces several key resistance levels.
Despite these overhead barriers, the RSI reflects growing bullish momentum as it moves above the midpoint. If Cardano manages to break through the $0.72 level, a rally toward the $0.837 resistance becomes more likely.
Conversely, the key support level remains at $0.648, followed by a secondary support level around $0.60.
CEO-Level Meeting Between Cardano Foundation and Franklin Templeton
Adding to the bullish sentiment, Frederick Gregaard, CEO of the Cardano Foundation, recently met with Jenny Johnson, CEO of global investment firm Franklin Templeton, which manages $1.6 trillion in assets.
The Cardano community reacted positively to the news, viewing it as a strong signal of institutional engagement.
Furthermore, Gregaard and the Cardano Foundation’s CLO will travel to Washington, D.C., in the coming week to collaborate with U.S. policymakers on developing blockchain-related risk frameworks.
This initiative may help position Cardano as a preferred platform for institutional blockchain projects.
https://twitter.com/Cardanians_io/status/1930185661207728396
Sentiment Heightened as Cardano Prepares for Bullish Reversal
According to Coinglass, interest in Cardano among derivatives traders has surged, evidenced by a 2.5% increase in open interest, now totaling $845.67 million. Additionally, the funding rate flipped back to positive territory, rising to 0.0084% after a brief dip.
However, the long-to-short ratio over the past 24 hours remains slightly bearish at 0.1969, indicating a minor uptick in short positions. This aligns with substantial long liquidations totaling $805,000, while short liquidations were relatively modest at $154,000.
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