base-pidgin

Cardano (ADA) has broken out of a bullish flag pattern, targeting $1.40 with resistance at $1.20. Key points:

_Technical Analysis_

1. _Bullish patterns_: ADA has formed a cup-and-handle and an inverted head-and-shoulders pattern, supporting further gains.
2. _Breakout_: ADA has broken out of a bullish flag pattern, signaling potential for extended rally.

_Technical Indicators_

1. _RSI_: 61.7, showing strong upward momentum while staying below overbought levels.
2. _MACD_: Bullish crossover, confirming growing buying pressure.

_On-Chain Activity_

1. _Rising active addresses_: Over 46,000 active addresses recorded, reflecting heightened network usage.
2. _Network growth_: Increasing confidence in Cardano's ecosystem and potential for long-term value.

_Market Sentiment_

1. _Open interest_: Surged 16.12% to $1.48 billion, indicating strong confidence among traders.
2. _Liquidation data_: Short liquidations ($559,640) outweigh long liquidations ($178,750), underscoring bullish conviction.