Bulls Up the Ante as Cardano Open Interest Nears Record High—$2 Target in Sight

Thursday saw Cardano rise over 40% in 10 days and reach a key resistance level.

Cardano (ADA) rises almost 7% at press time on Thursday, regaining $0.80 and reaching a one-month high. Derivative traders are optimistic as Cardano bets rise and ADA Open Interest crosses $1.40 billion. Cardano may reach $1 due to strong momentum in the technical view.

CoinGlass data reveals the ADA OI rose 16.30% in 24 hours to $1.44 billion, approaching its January 18 record high of $1.50 billion.

Leverage-driven activity causes significant swap price swings relative to spot market prices. The mismatch is compensated by bulls paying positive financing rates and vice versa.

OI-weighted funding rate is 0.0219%, indicating increased trader purchasing.

The taker buy/sell volume shows that the long position maintains 50.02%, up from 48.72% on Wednesday, leading in a bit over 1 long/short ratio. Long holdings have increased during the previous 24 hours, indicating bullish wagers.

Cardano rises nearly 7% at $0.80. ADA is at $0.8233, the 50% Fibonacci retracement level from the December 3 top of $1.3264 to the April 7 low of $0.5110.

A daily push over this level might extend Cardano's bullish run to $0.9214, the 61.8% Fibonacci level. ADA might reach $1 again if the surge continues.

The 200-day, 100-day, and 50-day Exponential Moving Averages (EMAs) rise, boosting bullish crossings and Golden Crosses. If a bearish reversal occurs, the dynamic average lines at $0.6894, $0.6760, and $0.6581 would support.

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