š ADA Bulls Eye $1 as Open Interest Surges
Cardano and other major altcoins extend their climb, with bulls targeting the $1.00 milestone. Futures Open Interest (OI) for ADA has jumped to $1.43 billion, reflecting rising retail participation. A bullish MACD signal and stronger trading volumes add to the upbeat technical outlook.
Currently trading at $0.87 ā up over 4% ā ADA is showing strong momentum. However, to unlock further upside, it must break above the major descending trendline that has capped gains since December.
Cardano Gains Traction as Interest Builds
Optimism in the spot market is mirrored in derivatives, with OI up from $1.2 billion on August 3, when ADA briefly dipped to $0.68. In July, OI peaked at $1.74 billion during the rally to $0.93, before easing as traders took profits amid softer sentiment.
In the past 24 hours, $3.35 million in ADA positions were liquidated, with $2.4 million from shorts versus $916,500 from longs. This short squeeze supports the bullish narrative, reinforced by a long-to-short ratio of 1.0153.
ADA has remained under a multi-month trendline since hitting $1.32 in December. A decisive breakout could fuel a run toward ā and beyond ā the $1.00 level, especially with speculative demand rising.
Golden Cross patterns spotted in July bolster the risk-on mood. If the breakout stalls and a correction sets in, traders will eye the 50-day EMA at $0.74, 100-day EMA at $0.72, and 200-day EMA at $0.71 for support zones.