ADA Bulls Eye $0.94 Breakout on Cardano’s Falling Wedge
Cardano’s ADA has formed a falling wedge pattern since early September, suggesting a potential bullish reversal toward $0.94. At $0.83, ADA trades amid a nearly 3:1 long/short ratio on Binance, reflecting 74.65% long positions. Persistent net outflows of around $840K from exchanges indicate accumulation and reduced sell-side pressure. Cardano’s DeFi metrics strengthened: TVL rose to $487.18 million (+2.15% in 24 hours), while daily DEX volumes hit $4.68 million, up 19.18% weekly. These on-chain trends, coupled with technical signals, underpin a bullish outlook for ADA if resistance near $0.94 is breached.
Bullish
The convergence of Cardano’s falling wedge—a historically reliable bullish reversal pattern—with a dominant 3:1 long/short ratio indicates strong trader conviction for an upside breakout. Persistent net outflows reflect investor accumulation, reducing supply and supporting bullish momentum. Meanwhile, rising TVL and DEX volumes demonstrate growing on-chain activity and fundamental strength. Similar setups in Ethereum and Bitcoin have preceded substantial rallies when technical patterns aligned with positive on-chain metrics. In the short term, a break above $0.94 could spur leveraged buying, while sustained DeFi growth may underpin long-term market confidence in ADA’s recovery.