Cardano Traders Take a Wild Ride: $284M Shorts Obliterated, Bulls Throw a Parade

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There are days when the market sits quiet, and there are days when it leaps up and hollers like a coyote in a dry canyon. Yesterday was the howling sort. Cardano (ADA), that plucky underdog of the crypto trail, saw traders wade in with the kind of frenzy you’d expect at a barn raising where someone declares the whiskey’s free. They pushed the ol’ volume wagon up by 75%, skidding the ticker to $1.15 billion before supper, or so says the town crier at CoinMarketCap.

Now, the bears — those fellas betting against joy, progress, and reasonable haircuts — found themselves dragged out of their proverbial saloons and handed a bill they hadn’t planned to pay. CoinGlass reports there were $352 million in market liquidations; 80% of that, you could say, were from folks who thought the price would go down. Turns out: Oops.

On Thursday morning, as the sun peeked over the hills, crypto prices took off like the first horse out of the gate. Bitcoin strutted itself up to a three-week high, and everywhere you turned, bearish traders could be seen hunched over, counting their losses and writing sad poetry (or perhaps angry tweets).

Cardano, sensing the party, shot up nearly 8%. From a lowly $0.538 on a quiet Wednesday, it yanked itself up to an intraday high of $0.611 — a feat not seen since June 19. Some say it was the 10th largest coin by market cap, but yesterday it seemed out to remind everyone just how much fight the old dog’s got left. Somewhere, a short seller wept. Small violins were not provided.

What now, you ask? Well, Cardano just drew a “golden cross” on its hourly chart. If you haven’t heard of a golden cross, picture two friendly lines on a graph hugging each other, and traders nodding as if something deeply profound just happened. If the price climbs past $0.61, ADA might be strutting up to $0.663, and with enough buyers, could aim for the 50 and 200 daily moving averages. Think of it as trying to win not one, but both pies at the fair.

But hold your horses — should the price trip and tumble below $0.54, we could see Cardano slip down past $0.50. That’s where the buyers, shovels in hand, will dig in and defend like badgers in a rainstorm. If the support goes, the descending triangle pattern might seal the fate, and it could tumble to $0.40. That’s the market’s way of reminding everyone: easy come, easy go — and the house always gets a laugh or two. 🤠📉🎉

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2025-07-03 19:31