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Cardano

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<p>Cardano (ADA) is poised for a massive rally potentially following its recent descending trendline breakout in this ongoing market reversal. In addition to the trendline breakout, ADA has also formed a bullish cup-and-handle price action pattern on the daily timeframe and is on the verge of a breakout.</p>   
<h2 class="wp-block-heading" id="h-cardano-ada-technical-analysis-and-upcoming-levels-nbsp"><strong>Cardano (ADA) Technical Analysis and Upcoming Levels&nbsp;</strong></h2>   
<p>According to expert technical analysis, ADA is currently facing strong resistance near the $0.365 level. If it breaks this resistance level and closes a daily candle above the $0.366 level, there is a strong possibility that ADA could soar by 23% to reach the $0.44 level in the coming days.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/22022402/ADAUSDT_2024-09-22_02-23-16.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/22022402/ADAUSDT_2024-09-22_02-23-16-1024x448.png" alt="" class="wp-image-353833"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>Additionally, ADA is in a downtrend as it is currently trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a downtrend. The 200 EMA is a technical indicator used by traders and investors to determine whether an asset is in an uptrend or downtrend.</p>   
<p>Despite being in a downtrend, both bullish price action patterns on the ADA daily chart hint at potential buying opportunities and a significant upside rally in the coming days.</p>   
<h2 class="wp-block-heading" id="h-ada-s-bullish-on-chain-metrics-nbsp"><strong>ADA’s Bullish On-chain Metrics&nbsp;</strong></h2>   
<p>On the other hand, Cardano's (ADA) on-chain metrics further support this positive outlook. <a href="https://www.coinglass.com/currencies/ADA" target="_blank" rel="noreferrer noopener nofollow">Coinglass’s</a> ADA Long/Short ratio currently stands at 1.025, indicating bullish market sentiment among traders. Additionally, its future open interest has increased by 3.5% in the last 24 hours and has been steadily rising since the beginning of September 2024.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/22022502/ncjdjcnjndc.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/22022502/ncjdjcnjndc-1024x352.png" alt="" class="wp-image-353834"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<p>This growing interest from traders and investors suggests a buildup of more <a href="https://coinpedia.org/news/cardano-whales-move-19-5-billion-ada-whats-next/">long positions</a>, signaling a potential breakout from both patterns.</p>   
<p>At press time, ADA is trading near $0.357 and has experienced a price surge of over 2% in the last 24 hours. During the same period, its trading volume dropped by 40%, indicating lower participation from traders.</p>

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