• Cardano short liquidations surged to the highest level in two months after a 10% rally.
• ADA has also formed a double-bottom pattern on its one-day chart, signaling an upcoming bullish reversal.

Cardano [ADA] has reversed from bearish trends amid a recovery across the broader cryptocurrency market. In just 24 hours, ADA has gained by nearly 10% to trade at $0.362 at press time.

The price rebound has led to ADA short liquidations increasing to the highest level in two months. 

Data from Coinglass shows that around $868,000 in open positions on ADA were liquidated. Short sellers suffered the biggest blow as short liquidations came in at $608,000. 

At the same time, funding rates surged significantly, jumping from 0.0008% to 0.0093% at press time. 

This surge suggests that derivative traders were increasingly opening new long positions on Cardano. When long positions increase, it shows that traders have become optimistic about ADA’s future performance. 

The positive sentiment in the derivatives market coincides with bullish signals on Cardano’s one-day chart. 

Analyzing Cardano’s double-bottom 

Cardano has formed a double-bottom pattern, which often precedes a bullish reversal. This pattern indicates ADA has found a strong support level, with an upward momentum likely to follow. 

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Author: Muthoni Mary

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