Cardano Turns Bullish In The Short-Term, But Is That All?

Cardano (ADA) has seen the bulls finally reclaim control after a long stretch in the bear territory. This is a welcome change for the digital asset which remains one of the largest cryptocurrencies and widely used networks. However, after properly cementing its position in this bullish level for the short term, the question still remains on how the digital asset is looking towards the long term. ADA Bullish For The Short Term The price of Cardano (ADA) successfully broke above $1.2, which puts it on a bullish path for the short term. The indicators for this include the fact that the digital asset is now trading above the 30 and 50-day moving averages. A very important point for the asset if it is to maintain its current bullish path. This, in turn, has seen investor sentiment start to turn positive for the first time in months. Related Reading | Broader Market Celebrates Bitcoin Breakout, But What About Perp Traders? For the first time since the downtrend began, sell pressure has eased off significantly for Cardano investors. Although the majority of indicators still point towards sell, the gap has become much smaller. This means that buyers are beginning to challenge the sellers in terms of volume. If this trend continues in the vein, then ADA’s recovery is expected to continue as more investors turn towards selling. ADA price reaches $1.2 | Source: ADAUSD on TradingView.com This is however only evident in the short...