🌊 ADA Holds Strong Through Market Crash — Uptrend Still Intact
Cardano breaches key resistance for the fourth day in an upswing.
A consistent increase in long holdings in the previous three days suggests traders are positive.
ADA Open Interest hits $1.77 billion, a record.
In a fourth consecutive market drop, Cardano (ADA) breaks a key resistance level and remains positive. ADA rose 1% at press time on Friday as optimistic bets rose and Open Interest reached a record $1.77 billion. The technical picture favors ADA recovering $1.00 psychological level.
ADA optimistic wagers drive Open Interest to a record high.
Cardano survived Thursday's market dip because to better-than-expected US July PPI data, which indicated rising inflation. Cardano futures continue popular as the ADA Open Interest (OI) sets a new high of $1.77 billion at press time on Friday, up from $1.57 billion the day before.
ADA Open Interest is the USD value of all current Cardano futures and options contracts. The $200 million surge indicates increasing capital inflows and trading interest.
Taker buy/sell volume shows optimistic wagers rising amid capital inflows. The previous three days have seen long holdings grow to 49.69% of active positions, up from 48.07% on Wednesday, indicating traders' confidence.
After retreating from $1.0193, Cardano closed at $0.9258, strengthening its uptrend. The upswing broke a long-standing resistance trendline linking the December 3 and March 3 highs and the 50% retracement level at $0.9187, drawn from $1.3264 on December 3 to $0.5110 on April 7.
Cardano might rise to the 61.8% Fibonacci level at $1.0149 if it closes above this level.
A drop below the 50% retracement level at $0.9187 might retest the broken trendline around $0.8898. A daily closure below the trendline would invalidate the breakout surge.
