📢 Cardano Traders Turn Bullish — Can ADA Break Resistance This Time?

Cardano price maintains its daily level around $0.70, signaling a comeback.

As financing rates rise and optimistic wagers peak in a month, derivatives data suggests a comeback.

Cardano Foundation, IOTA, and INATBA lobby the UK Financial Conduct Authority on crypto legislation.

Cardano (ADA) shows early indications of recovery as market mood becomes optimistic. After plunging almost 13% the week before, ADA price recovers on Monday. As ADA financing rates climb and traders bet bullishly, derivatives data suggest recovery. Cardano's regulatory negotiations with the UK's Financial Conduct Authority demonstrate its commitment to balanced regulation.

Derivatives market suggests recovery.

Cardano derivatives data is optimistic. CoinGlass's OI-Weighted Funding Rate data suggests that fewer traders expect Cardano's price to fall than rise.

The IOTA Foundation, INATBA, and the Cardano Foundation encouraged the UK Financial Conduct Authority (FCA) to rethink crypto legislation last week, according to the IOTA report. This partnership criticizes the FCA's one-size-fits-all approach and underlines the necessity to distinguish between centralized custodial services and decentralized non-custodial protocols.

“DeFi hasn't caused most crypto consumer harm. Centralized custodians with opaque processes provide it, which conventional regulation excels at. The blog analysis states that DeFi protocols with transparent and auditable code do not include these methods.

The alliance suggests industry-led self-regulation in DeFi and that the UK lead the world in sensible, innovation-friendly crypto legislation.

Cardano fell 16.17% last week from its daily range of $0.84 on July 28. ADA recovered after retesting $0.70 daily support on Sunday. This daily level is near the 200-day EMA at $0.70, a crucial reversal zone. Monday's trade over $0.73 shows it recovering.

As ADA recovers, it may reach $0.84, its daily resistance.

If ADA corrects, it might fall to $0.70, the daily level.

#Cardano #ADA $ADA