Cardano Bulls Ready for Next Surge — $1.44B Open Interest in Play
Cardano (ADA) price is gaining momentum, trading above $0.82 on Monday after an 11% jump last week. Rising open interest (OI) and a positive funding rate point to strong bullish sentiment in the derivatives market.
Cardano’s futures OI climbed from $1.20 billion on August 3 to $1.44 billion on Monday — the highest since July — signaling fresh capital entering and potentially fueling further price gains. The positive funding rate, where longs pay shorts, reinforces this optimism and has historically coincided with price rallies.
Price Outlook: Bullish Momentum Building
After bouncing from support at $0.70 on August 3, ADA surged about 15% through Sunday and added another 3% Monday. If ADA can sustain a daily close above resistance near $0.84, it may target its July 21 high of $0.93.
Momentum indicators back the bullish case: the daily RSI sits at 61, above neutral 50, and the MACD shows a bullish crossover, both suggesting upward momentum.
However, if ADA fails to break $0.84 and pulls back, it could test the 61.8% Fibonacci retracement level near $0.77.