Cardano Price Prediction: ADA Traders Bullish, Rebound Expected to Challenge $0.84?

Recently, Cardano (ADA) received strong support at the 0.70 USD daily chart support level after experiencing a wave of falls, and market sentiment has gradually shifted from bearish to bullish. With the improvement in derivative market data and the release of favourable information from regulators, ADA is showing signs of recovery, attracting investors to follow its future trend.

Financing interest rate turns positive, bulls bet on new highs

Latest derivative market data shows that the financing rate of ADA has turned positive on Sunday, reaching 0.0053% on Monday, which means that bulls are paying fees to bears, enhancing market expectations for price increases. According to CoinGlass data, the current ADA long-short ratio is at 1.13, hitting a new high in a month, indicating a significant increase in bullish positions. Historical experience shows that when the financing rate turns from negative to positive, ADA often experiences a significant rebound.

Key support level assistance, technical indicators show rebound opportunities

(Source: Trading View)

After falling over 16% last week, ADA has rebounded at the $0.70 daily chart support level, which is also a key point of the 200-day exponential moving average (EMA). As of Monday, ADA has broken through $0.73, and if bullish momentum continues, it is expected to challenge the $0.84 daily chart resistance level in the short term.

The relative strength index (RSI) on the daily chart is currently at 47, approaching the neutral level of 50. If the RSI can further break through the midline, it will bring more upward space for ADA. However, if the market retraces again, the $0.70 will continue to play a key support role.

Participate in regulatory discussions, Cardano Foundation enhances industry status

In terms of fundamentals, the Cardano Foundation has recently teamed up with IOTA and INATBA to actively participate in discussions on crypto regulation with the UK Financial Conduct Authority (FCA). The three parties jointly called on the FCA to differentiate between centralized custody services and decentralized protocols, and advocated for self-regulation within the DeFi industry. This initiative not only highlights Cardano's commitment to promoting healthy industry development but also helps enhance its global regulatory influence, providing positive support for the long-term value of ADA.

Market Outlook: Follow Bullish Continuation and Regulatory Developments

Based on the combined technical and fundamental factors, ADA is expected to maintain a rebound trend in the short term. If it can stabilize above the 0.73 USD level and further break through the 0.84 USD resistance, there will be an opportunity to start a new round of pump. At the same time, Cardano's active efforts on the global regulatory stage are expected to attract more long-term capital to enter the market.

Investors need to continuously follow market sentiment changes, derivative data, and regulatory policy dynamics to seize potential opportunities in ADA, while also being cautious of short-term pullback risks.

Conclusion

Cardano (ADA) shows the potential to regain upward momentum, thanks to the stability of its key support level and the warming of market sentiment. With increasing bullish bets and favorable regulatory developments, the future trend of ADA is worth looking forward to, but one must still pay attention to the uncertainties brought by market volatility.