Cardano's price is breaking out of the descending wedge pattern, indicating a bullish reversal.

ADA derivatives statistics indicate an increase in open interest and long holdings, demonstrating investor optimism.

Technical indicators suggest that bulls will attempt to break through the $0.73 barrier to continue the upward trend.

After breaking the descending wedge pattern the previous day, Cardano (ADA) is stabilizing around $0.62 on Thursday. This bullish breakout coincides with Bitcoin (BTC) reaching new highs, boosting ADA and the cryptocurrency market. Derivatives data indicate an increase in open interest (OI) for ADA and rising bullish bets from traders, demonstrating investor confidence. Technical indicators also support the rise towards $0.73.

Cardano derivatives statistics are optimistic.

CoinGlass derivatives statistics for Cardano are optimistic. Over the past 24 hours, open interest for ADA has risen by 13.66% to reach $970.59 million. The increase in OI indicates new money entering the market and buying, which could accelerate ADA's price rise.

The increased confidence in Cardano has caused a liquidation of approximately $4.10 million over the past 24 hours, including $3.8 million in short positions. The long-to-short ratio for ADA is 1.03 on Thursday after large short positions were wiped out. More traders are betting on rising asset prices, hence this ratio is above one.

Forecast: Cardano breaks through the bullish reversal pattern.

Cardano's price broke through the upper resistance line of the descending wedge pattern on Wednesday. Several peaks and troughs are connected by two trend lines in early May to form this pattern. It is trading slightly lower after re-testing its 50-day Exponential Moving Average (EMA) at $0.62 on Thursday.

ADA could rise to its high on June 11 at $0.73 if it closes above its 50-day Exponential Moving Average at $0.62 daily.

ADA may drop to its low on Tuesday at $0.57 if it corrects and closes below $0.60, which is the daily support level.

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