- ADA shorts are currently being liquidated according to Santiment data.
- Exchange funding rates indicate a major change in the trend for ADA’s price.
- The price of ADA is currently up by more than 25% over the past 10 days.
Data released from the blockchain analysis firm Santiment shows that traders that entered into short positions for Cardano (ADA) are currently being liquidated.
ADA’s price is back above $0.50 at the time of writing. According to CoinMarketCap, the price of ADA is at $0.5191 after a 4.61% increase over the past 24 hours. In addition, data released by Santiment shows that ADA’s price surges more than 25% over the past 10 days.
One key metric that investors and traders need to keep an eye on is the exchange funding rates, as extreme spikes in the shorting and the longing of ADA are typically when traders get liquidated and big price shifts occur.
Exchange funding rates for ADA (Source: CoinMarketCap)
As shown in the chart above from Santiment, ADA is showing some early indicators that it may surge soon as it is up more than 25% over the past 10 days. Exchange funding rates signal bullish sentiment for ADA for this month, as several short positions have been liquidated.
At the moment, ADA’s price has strengthened against the 2 crypto market leaders, bitcoin (BTC) and Ethereum (ETH), which have spiked only by 5.38% and 2.88% respectively. ADA’s 24-hour trading volume has also surged as the total volume is approximately $935,275,412 – a 17.04% increase from the past day.
ADA’s market cap now stands at $17.57 billion, which ranks it as the 7th biggest project by market cap. This also ranks ADA above Ripple (XRP) and below Binance USD (BUSD), with their market cap of $17.553 billion and $17.571 billion respectively.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.