💥 Cardano Bulls Ready for Next Surge — $1.44B Open Interest Signals Strength
Cardano’s price climbed about 11% last week and is trading above $0.82 this Monday. Rising open interest (OI) in Cardano futures, now at $1.44 billion—the highest since July—along with positive funding rates, points to a bullish outlook in derivatives markets.
Increasing OI suggests new capital entering the market, fueling potential further price gains. The positive funding rate indicates that long positions are paying shorts, a sign of trader confidence. Historically, shifts from negative to positive funding have coincided with Cardano price increases.
After bouncing off support near $0.70 on August 3, ADA surged roughly 15% by Sunday and is up 3% on Monday. If ADA manages to close consistently above daily resistance at $0.84, it could target its July 21 high of $0.93.
Momentum indicators back this optimism: the daily RSI stands at 61 (bullish zone), and the MACD shows a bullish crossover, signaling upward momentum.
However, failure to hold above $0.84 could lead to a pullback toward the 61.8% Fibonacci retracement near $0.77.
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