Cardano Price Fails to Shift Despite Golden Cross

Cardano's price has been affected by a recent golden cross formation on its hourly chart. A golden cross is typically seen as a bullish signal, but in this case, it has failed to shift the daily trend of Cardano's price. The cryptocurrency's spot trading volume has decreased by 18% in the last 24 hours, indicating that traders are staying defensive.

The broader crypto market has also experienced significant liquidations, with positions worth $253 million being liquidated. This includes longs and shorts, with longs accounting for the majority of liquidations. The situation is further complicated by ADA funding rates, which have reached their most negative since June 2023. This suggests a heavily crowded short trade that may lead to a potential short squeeze.

However, there is some positive news for Cardano holders. The cryptocurrency's price has been in an on-chain 'opportunity zone' for the past year, indicating that it may be due for a recovery. Additionally, Monument Bank, a regulated U.K. challenger bank, has announced plans to tokenize up to £250 million of retail customer deposits on the Midnight network, built on Cardano.