Cardano Price Rally Fueled by Governance Vote and Short Squeeze Buying

Cardano's price rebounded by 3.26% over 24 hours to reach $0.2076, following a constitutional committee vote that secured four seats and cleared governance concerns.

The vote on September 1 removed a key overhang, allowing the market to focus on ADA's technicals.

Liquidations of short positions also played a role in the price increase, with $865,420 being absorbed out of $1.18 million in liquidated contracts.

For now, traders are looking at a bullish scenario above $0.2006, with a close above $0.2132 needed to confirm a move toward $0.2310.