🚀 ADA Bulls Charge Ahead — $1 Target in Sight as OI Heats Up

Altcoin majors and Cardano continue rise as bulls aim $1.00 breakthrough.

Cardano futures Open Interest hits $1.43 billion, indicating retail interest.

ADA's MACD buy signal and increased trading volume support a positive technical view.

Cardano (ADA) shows encouraging signs on Wednesday amid robust cryptocurrency market sentiment. ADA is now trading at $0.87, up over 4%.

Despite a positive technical structure, Cardano must break above a major falling trendline that has limited its upside since December to move ahead.

Cardano recovers as interest rises
With the spot market optimistic, Cardano derivatives Open Interest (OI) rose to $1.43 billion on Tuesday from $1.2 billion on August 3, when ADA dropped and touched $0.68.

ADA interest is rising as OI, the notional value of outstanding futures or options contracts, rises. OI reached $1.74 billion during July's climb to $0.93 before falling as investors booked gains amid weakening market sentiment.

Over the last 24 hours, CoinGlass has recorded $3.35 million in liquidations. At $2.4 million, short position holders liquidated more than longs at $916,500.

As ADA prices rise, short position liquidations support the smart contracts token's bullish thesis. The long-to-short ratio of 1.0153 indicates that more traders are long ADA.

Cardano has been below a multi-month trendline since December's local peak of $1.32. A break above here would increase wagers on ADA closing the $1.00 gap.

This purchase signal promotes Cardano's positive outlook and investor exposure. Due to growing futures open interest, speculative demand might push the token beyond $1.00 in the next recovery phase.

Numerous July Golden Cross formations boost risk-on mentality. A Golden Cross happens when a shorter-term moving average exceeds a longer-term one.

If profit-taking delays the breakout at trendline resistance and a trend corrective occurs, traders will go to the 50-day EMA at $0.74, 100-day at $0.72, and 200-day at $0.71 for support.

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