Cardano price has surged past $0.43, marking an 18.6% increase over the past day and reaching its highest level since July.
Cardano price soared to new heights, notching an 18.6% gain over the past 24 hours and reaching its highest level since July. This surge was fueled by large investors, known as "whales," who drove up the token's average holding time by 139% within a week, according to IntoTheBlock data.
The recent price rally was also supported by broader macroeconomic and technical factors, including the bullish momentum in the cryptocurrency market, influenced by Donald Trump's recent election win and the Federal Reserve's decision to reduce interest rates.
This positive trend in funding rates, backed by a growing appetite for long positions, pushed Cardano to $0.43. As the token surged past this crucial resistance level, it triggered substantial liquidations, with short liquidations reaching $1.67 million, as shown by CoinGlass data.
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