Cardano is rising above the 200-day EMA as bulls target $1.00.
Retail interest in ADA is growing as open interest and trading volume rise.
The total value locked in DeFi Cardano has reached $326 million, demonstrating investor confidence.
Cardano (ADA) is trading at $0.73 on Friday, marking its fourth consecutive day of gains as bulls gain control of the cryptocurrency market. Since ADA's cycle low of $0.51 on June 22, investor risk appetite has improved, bolstering its upside potential.
A strong futures market and decentralized finance (DeFi) ecosystem could lead to a breakout above $0.86, which halted price action in mid-May.
As open interest in futures contracts and trading activity increases, retail interest in Cardano remains steady. The derivatives market is becoming more optimistic, with CoinGlass data showing that the value of non-settled futures and options contracts exceeds $1 billion.
Over the past 24 hours, trading volume has risen to $4.34 billion, matching the increase in open interest as traders bet more on ADA's price rising, especially if bulls maintain control.
Investor confidence in ADA extends across the DeFi industry, with the total value locked (TVL) of all coins held in smart contracts across all on-chain protocols rising to $326 million.
This 21% increase since June 23 supports investor confidence in ADA and follows recent advances such as wrapped Bitcoin (BTC) on the Cardano chain.
Cardano prefers an optimistic artistic outlook.
A technical milestone was reached when Cardano price broke above the 200-day EMA at $0.68, the 100-day EMA at $0.66, and the 50-day EMA at $0.63.
The Money Flow Index (MFI) is in the overbought zone, indicating the easiest path is up. At 70, the Relative Strength Index (RSI) indicates strong bullish support, potentially keeping ADA price higher toward the medium-term target of $1.02, which was challenged as support in early March.
