Cardano (ADA) Rally Accelerates as Open Interest Breaks Records!
follow like share
Cardano price sustains gains on Monday after rising over 60% in four weeks.
On Monday, derivatives data showed ADA Open Interest at its highest ever at $1.66 billion, indicating market optimism.
Bullish technical outlook: $1.03 barrier level next upward objective.
Cardano (ADA) is trading over $0.88 on Monday after rising almost 60% in four weeks. ADA's Open Interest (OI) has achieved a record high, and technical analysis suggests the coin may return to $1 in the immediate run.
Open Cardano Interest is $1.66 billion
According to CoinGlass, exchange BNB futures OI climbed from $1.18 billion on June 14 to $1.66 billion on Monday, a record high. OI increases indicate fresh money entering the market and purchasing, which might accelerate the ADA price surge.
A recent increase in Cardano chain traders' interest and liquidity boosts the platform's positive outlook. ADA Chain's weekly token trading volume surged from $8.12 billion in the second week of July to $10.30 billion last week, the most since mid-March, according to token terminal statistics.
Bulls expect higher Cardano prices
Cardano closed over weekly barrier at $0.80 last week after four weeks of roughly 60% gains since mid-June. Monday's trading remains over $0.88.
ADA might rise to $1.01, the 61.8% Fibonacci retracement line from the December high of $1.32 to the February low of $0.50.
ADA hit $0.84 last week after breaking above the upper resistance trendline of a falling wedge formation on the daily chart on June 9. Sunday, it closed above the daily resistance level at $0.84. As of Monday, it trades over $0.88.
ADA might rise into its daily resistance at $1.02, which is close to the weekly chart technical level, if $0.84 holds as support. A closure above this level might extend advances to $1.13, its next daily barrier.
If ADA fails to find support at $0.84, it might fall to $0.73, its next daily support.
