🟢 The price of Cardano (ADA) fell victim to a mass sell-off, resulting in liquidations worth over $1 billion. However, after the market stabilized, ADA’s price rebounded to $0.37. The current technical situation suggests the possibility of further growth.
🟢 Open interest in Cardano futures increased by 21% over the past week, now totaling $191 million. The predominantly positive funding rate for ADA over the last seven days indicates that most traders prefer long positions. This suggests that traders are expecting ADA’s price to rise.
🟢 Momentum indicators on the daily chart reflect growing buying pressure. If the trend continues, Cardano could retest the two-month high of $0.40. However, if traders begin to take profits and the trend reverses, ADA could drop by 27% to reach $0.27.