Cardano Bulls Defend $0.2564 as Stablecoin Market Cap Surges

Cardano (ADA) price prediction remains bullish as the cryptocurrency holds above $0.2564, targeting $0.2886. Shorts lost $2.09 million of ADA's $2.34 million in 24-hour liquidations as open interest rose 17.49%. The stablecoin market cap is nearing $70 million, up 24.7% in a week.

According to LuckSide Crypto, Cardano's stablecoin market cap has been rising, and ADA has historically outpaced Bitcoin and the wider market once sentiment turns bullish. He called ADA's tightening range a bull pennant, which has since delivered to the upside. The 2-hour chart shows a triangle breakout, with ADA moving above the upper line of a triangle that had contained price since late September.

However, Cheeky Crypto Unfiltered noted that the golden cross is a lagging signal that cannot promise more upside. He also pointed out that enterprise deals take quarters to reach price, and ADA's 4% drop was likely a sell-the-news reaction. The 20-day EMA at $0.2422 and the 200-day at $0.2404 sit just below, with the Parabolic SAR at $0.2376 underneath both.