🚀 ADA Bulls on the Move Eyeing the $1 Milestone!
Cardano and other top altcoins are on a roll, with ADA bulls setting their sights on breaking that big $1.00 mark. Futures Open Interest for ADA has climbed to $1.43B, a sign that traders especially retail are getting excited.
📈 Bullish Technicals in Play
ADA is trading at $0.87, up over 4% today, with the MACD flashing a buy signal and trading volumes ticking higher. The mood across crypto is upbeat but to really open the gates ADA needs to smash through a major downtrend line that’s been capping gains since December.
💡 Rising Interest, Strong Sentiment
Spot market optimism has fueled a jump in derivatives OI from $1.2B on Aug 3 (when ADA dipped to $0.68) to $1.43B now. Back in July, OI even touched $1.74B when ADA ran up to $0.93 before some traders locked in profits.
Over the last 24 hours, $3.35M in liquidations have been recorded most from short positions ($2.4M), adding fuel to ADA’s upward momentum. The long to short ratio at 1.0153 shows more traders are betting on the upside.
🔍 What to Watch Next
ADA’s been stuck under a multi month trendline since the $1.32 peak in December. A breakout could easily accelerate the move toward $1 and maybe beyond especially with rising speculative demand. The July Golden Cross patterns are also giving bulls more confidence.
If the breakout stalls and price corrects, traders will eye the 50 day EMA at $0.74, 100 day EMA at $0.72, and 200 day EMA at $0.71 as support zones.
Bulls are charging, vibes are strong ADA’s next stop might just be that sweet $1 mark.
