ADA Price Skyrockets on Short Squeeze, But Can It Hold?

Cardano's ADA price has surged by 10.46% in one session, reaching a high of $0.26 but closing at $0.23.

This move is not organic accumulation but rather a short squeeze, according to Caroline Bishop.

The reclaiming of the 200-day simple moving average at $0.22 is seen as a bullish sign, and the technicals are split down the middle.

While momentum indicators confirm the directional move was legitimate, RSI is at a scorching 77.77, which is not elevated but rather a five-alarm fire.