As the crypto markets continues reeling from several bullish factors that have propelled prices upward, there has been a noticeable absence;ETF hype, coupled up with the US House voting for a landmark crypto bill, has kickstarted a mini bull run., we see that bulls might be currently in a phase of consolidation rather than being completely inactive. So the potential for a future bull run could still be forming.
At the time of writing, ADA was trading near $0.4836, closer to the upper middle of the recent range, showing some resilience after testing lower levels earlier in the month. If ADA maintains support above the $0.43 level and breaks past resistance around $0.60, it might confirm a bullish trend. However, a failure to hold above these support levels could see ADA retesting lower support zones of $0.4 or even $0.38.showed that there has been a huge decrease in ADA’s trading volume by 21.54%. Typically, this means there’s been a reduction in active trading.
The long/short ratio across various platforms shows mixed sentiments. For instance, on Binance, the ratio for ADA/USDT is notably higher for longs , indicating a bullish sentiment among top traders on this platform.In contrast, the overall market sentiment is more balanced, showing indecisiveness among the bulls and the bears. However, the relatively stable open interest reaffirms our analysis that the bulls might currently be in a phase of reassessment rather than retreat.