ADA, the ticker for cryptocurrency Cardano, the token that powers the smart-contract-enabled Cardano blockchain, is suffering a minor pullback on Thursday after a furious two-day climb. Cardano has experienced a surprising nearly 18% rise since Monday’s lows under $0.35, with the last time it changed hands slightly above $0.4050. With ADA weighing moderately as short-term bullish speculators cut profits, that is a little more than 3.0% below prior session highs in the $0.42s.

The recent uptrend in ADA coincides with a face-ripping rally seen throughout the cryptocurrency industry, reaching its highest levels since early November. On Wednesday, Bitcoin increased by about 10% to reach its highest level in months above $24,500, and Ethereum is once more testing multi-week highs in the $1,700 region. Experts attribute the surge to a short position squeeze. That undoubtedly has the potential to boost Cardano.

The last three days saw a jump in short-position liquidations to one-month highs, according to cryptocurrency derivatives website coinglass.com. Around $3.75 million in short positions have been forcibly closed by exchanges over the past two days, which is more than on January 13th. With ADA currently up almost 65% on the year, the most recent upward movement represents a significant breach to the north of Cardano’s 200-Day Moving Average.

Today’s Cardano Price