Cardano's (ADA) price has experienced a rally, gaining over 13% last week. On-chain metrics, such as a high long-to-short ratio and positive funding rates, suggest a bullish outlook for ADA. The price has found support around the 61.8% Fibonacci retracement level and is currently trading at around $0.80. If the support level holds, ADA's price could potentially rally by 22% to retest its previous high. The Relative Strength Index (RSI) indicates bullish momentum, and Coinglass' ADA long-to-short ratio demonstrates optimistic sentiment among traders. The OI-Weighted Funding Rate data also reflects a positive rate, further supporting a bullish market sentiment for Cardano.



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