Is it really worth placing long bets on Cardano over the next 24-hours

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The broader crypto market was at an indecisive juncture until recently. A few coins traded in red, while the rest resorted to flashing consecutive red candles on their cards.

Nonetheless, at the time of writing, a clear-cut uptrend seemed to be slowly establishing itself. After witnessing a 1.5% rise over the past day, the global crypto market cap was seen revolving around the $2.64 trillion mark at the time of this analysis. In effect, almost all the top-10 crypto assets noted prominent gains in the 3%-7% bracket.

Cardano, however, seemed to be the odd one out. Its 24-hour uptick merely reflected a reading of 0.26%. Well, the subtle green flash on the charts is definitely a respite against the asset’s weekly dip of 6%. But, the most crucial question at this stage is – will the newly-emerged trend be able to sustain for long?

Bears ruling the ADA market

The overall market sentiment seemed to be far from bullish at the time of writing. The asset’s funding rate curves on most exchanges were seen heading down south. Now, whenever the funding rate dips below the 0 lines and becomes negative, it means that short traders are demanding more leverage when compared to their counterparts.

Traders collectively carry out high leverage trades only when they are sure about the outcome of the upcoming trading sessions. So, if additional traders join the bearish bandwagon, then these curves would in all likelihood step into the negative…

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