Cardano Price Forecast as Founder of Crypto Capital Venture Says ADA is Likely Not a Security – ADA to the Moon?
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.
ADA’s rally isn’t just being powered by short squeeze-driven upside and broader crypto market tailwinds. It's also being driven by a mixture of positive recent headlines/developments relating to the health and growth of the Cardano ecosystem itself.
Most recently, Cardano advocate and founder of Crypto Capital Venture Dan Gambardello opined that he thinks it unlikely that the US Securities and Exchange Commission will deem the cryptocurrency as a
Read more on cryptonews.com
