Is there any worth of placing long bets on Cardano for the next 24-Hours?

The huge crypto market happened to be at doubtful juncture until just recently. Only a few coins managed to trade in red, as the rest recurred to flashing consecutive red lights on their cards.

Regardless, by the time of writing, an apparent trend seemed to be establishing itself, but somewhat slowly. Following a rise of 1.5% in the previous day, the crypto cap market on a global scale was revolving at a figure of around $2.64 trillion. In effect, close to the entire top 10 cryptocurrency assets witnessed prominent gains in the bracket of 3% – 7%.

On the other hand, though, Cardano appeared to be the odd one out. Cardano’s 24-hour upsurge only reflected a low reading of 0.26%. But the subtle flash of green on the charts is just a small relief against Cardano asset’s weekly plummet of 6%. The big question that remains is – how long will the new trend be able to sustain?

Bears now ruling the ADA market

At the time of writing, the overall sentiment in the market somewhat appeared a bit distant from bullish. On plenty of exchanges, the asset’s funding rate curves appeared heading down south. And whenever the funding rates go below the 0 lines and change to become negative, the meaning here is that short traders in the market are calling for more leverage in comparison to their fellows.

In most cases, you’ll notice that traders tend to collectively carry huge leverage trades, but only in the events that they are very sure regarding the outcome of the near future trading sessions. Therefore, in the event that additional traders get to be part of the bearish bandwagon, more than often, these curves would gravitate towards negative territory. In reality, the small gains made by ADA will be wiped off.

Added on that, the open interest of ADA has not witnessed an exponential dip or rise in the last few days. In fact, largely, it has been constantly revolving around the $600 mark, meaning that ADA market is not fully free of speculative interest.

Short ratio was reported to have registered values that were less than one in the last couple of trading sessions, meaning that too much interest was gravitating towards the red side as opposed to the green side. Put in other words, most people have lately placed plenty of short bets more than long.

Looking back, though, the numbers of long contract wipeouts seem to have been surpassing the number of short contract ones.

The entire trends mentioned above, in conjunction, do shed the light on Cardano traders’ collective bearish sentiment. In fact, the asset’s price is more prone to a plummet at this point than a rise. Now more than ever, Ergo traders have to remained highly cautioned.