U.Today - In a dazzling display of resilience, Cardano's native token, , is riding a powerful wave of momentum, surging over 7% as it entered the crypto market fray today.
After a recent correction that saw ADA lose more than 17% of its value on Monday from its multimonth peak of $0.6474 last Saturday, the digital asset is staging a remarkable comeback.
As the new trading session unfolds, is seizing opportunities, with its price chart adorned in a vibrant display of green candles, outpacing its key counterparts in the top 10 cryptocurrencies. The swift rebound comes in the wake of a broader market correction affecting digital assets, underlining Cardano's current attractiveness to investors and traders.
ADA to USD by
Cardano bears get "rekt"
A noteworthy development during this rally is the intriguing data on liquidations provided by . Over the past 12 hours, bearish traders who held short positions on Cardano faced the brunt of the market's bullish resurgence.The total liquidations on these positions surpassed $1.7 million, constituting 3.15% of all liquidations on the crypto market during the same period.
Source: This month has proven to be a period of euphoria for Cardano enthusiasts, marking its most successful December in the last seven years. Despite a correction that saw the fluctuate, the token remains one of the market's most compelling assets right now.
With a notable 70% surge at one point since the beginning of the month, ADA stands as a tantalizing prospect for both bullish and bearish investors.
As the ADA community eagerly watches, the question lingers: will Cardano's rally sustain its upward trajectory, or is this surge merely a prelude to a potential downtrend?