Tue, 12/12/2023 – 09:40
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In a dazzling display of resilience, Cardano’s native token, ADA, is riding a powerful wave of momentum, surging over 7% as it entered the crypto market fray today.
After a recent correction that saw ADA lose more than 17% of its value on Monday from its multimonth peak of $0.6474 last Saturday, the digital asset is staging a remarkable comeback.
As the new trading session unfolds, Cardano is seizing opportunities, with its price chart adorned in a vibrant display of green candles, outpacing its key counterparts in the top 10 cryptocurrencies. The swift rebound comes in the wake of a broader market correction affecting digital assets, underlining Cardano’s current attractiveness to investors and traders.
Cardano bears get “rekt”
A noteworthy development during this rally is the intriguing data on liquidations provided by CoinGlass. Over the past 12 hours, bearish traders who held short positions on Cardano faced the brunt of the market’s bullish resurgence.
The total liquidations on these positions surpassed $1.7 million, constituting 3.15% of all liquidations on the crypto market during the same period.
This month has proven to be a period of euphoria for Cardano enthusiasts, marking its most successful December in the last seven years. Despite a correction that saw the ADA price fluctuate, the token remains one of the market’s most compelling assets right now.
With a notable 70% surge at one point since the beginning of the month, ADA stands as a tantalizing prospect for both bullish and bearish investors.
As the ADA community eagerly watches, the question lingers: will Cardano’s rally sustain its upward trajectory, or is this surge merely a prelude to a potential downtrend?