- Cardano’s Funding Rate was around 0.03% at press time.
- ADA’s price has increased by over 2%.
Cardano [ADA] has witnessed a significant and positive rise in its Funding Rate over the past few weeks, per data from Coinglass.
On the 23rd of December, there was a notable decline in the Funding Rate, dropping from 0.04% during the last 24 hours to around 0.01%, before rising back up to 0.03% at press time.
A positive Funding Rate indicates a bet on a price increase, and a pronounced rise suggests increased optimism among traders.
Is ADA finally following the positive trend?
Cardano’s price chart consistently declined over the past few days, suggesting a potential increase in long liquidations based on press time trends. On the 24th of December, ADA experienced a loss of over 3%, closing at around $0.59.
However, at the time of this writing, the price showed a more positive trend, with a 2% increase, reaching around $0.60. This marked a welcome recovery from the three-day decline, during which it lost about 6% in value.
Despite the fluctuations, Cardano has maintained an overall positive trend since early December, which is evident in its moving averages and Relative Strength Index (RSI).
A favorable indicator for a positive price trend was the short-moving average (blue line), which consistently trended above the long one (blue line). The price remained above the yellow and blue lines, reinforcing the positive moment
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Author: Adewale Olarinde
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