Cardano's Price Hike Masks Bearish Sentiment Ahead of FOMC Meeting

Cardano's (ADA) price has seen a 1.04% increase in recent trading, currently sitting at $0.208, as the broader crypto market shows signs of recovery.

This growth comes amidst optimism surrounding the CLARITY Act, which may gain traction after Senate Republicans released a revised version of the bill.

However, despite this price hike, data from CoinGlass reveals that smart money sentiment on Cardano has turned extremely bearish, particularly on Binance and Bybit exchanges.

The long/short ratio shows bears in control, with short volumes outpacing long volumes. This shift is attributed to increased short selling ahead of the September 15-16 FOMC meeting, where rate hikes may weaken demand for risk assets.