-
Open interest (OI) for Cardano (ADA) has been rising aggressively, jumping 5.9% in the last four hours.
-
ADA’s long to short ratio currently stands at 1.056, indicating strong bullish sentiment among traders.
-
ADA could skyrocket 30% to $0.98 or $1 if it closes the daily candle above $0.78.
With a 125% gain over the past two weeks, Cardano (ADA) is poised to continue its upward momentum in the coming days. With strong bullish price action, and if the overall market sentiment supports it, there is a strong possibility of notable gains for ADA holders.
Cardano (ADA) Technical Analysis and Upcoming Level
Based on the daily chart, ADA appears to be consolidating near the critical resistance level of $0.77 over the past four trading days. Historically, whenever the price of ADA consolidates near a key level, it tends to rise significantly. This time, traders and investors are also expecting strong momentum in the coming days.
Recent data and price action highlight that if ADA breaks out of the ongoing consolidation and closes the daily candle above the $0.78 level, it could rise by 30%, potentially reaching $0.98 or even $1 in the coming days.
ADA is currently trading above the 200 exponential moving average (EMA) on the daily timeframe, indicating an uptrend. However, its Relative Strength Index (RSI) signals a potential correction or decline in prices as its reading of 80.15 is in overbought territory.
Despite this, sentiment towards ADA remains strongly bullish, suggesting the asset could quickly break through this level.
Bullish indicators within the chain
In addition to technical analysis, on-chain indicators further support the asset’s bullish outlook. According to analytics firm Coinglass, ADA’s open interest (OI) has increased by 5.90% in the last four hours and by 3.80% in the last hour. This notable increase in OI indicates increased trader activity, signaling aggressive participation amid bullish sentiment.
Additionally, ADA’s long/short ratio currently stands at 1.056, reflecting strong bullish sentiment among traders.
At the time of publication, ADA is trading around $0.76 and has gained over 4.12% in the last 24 hours. However, trading volume fell 27% over the same period, indicating lower participation by traders and investors.
