Cardano Price Eyes $1.20 as Open Interest Surpasses $900M – 50% Rally Ahead?
Cardano price breaks $0.84, signaling a potential 50% rally to $1.20. Open interest hits $900M, with staking activity supporting the bullish
Quick overview
- ADA has surpassed the $0.84 level, currently trading at $0.8388, marking a 20% increase from its recent low.
- The 50 EMA has established support at $0.7276, indicating potential for a 50% rally towards $1.20.
- Open interest in ADA has exceeded $900M, reflecting strong investor confidence, while over 22 billion ADA is currently staked.
- Traders are advised to buy at $0.8380 with a take profit at $0.8676 and a stop loss at $0.7702 to manage risk.
ADA has broken past the $0.84 level and is now at $0.8388. This is a 20% up from the recent 7 day low of $0.6425.
The 50 EMA is now support at $0.7276 so we have cleared a big level that should set us up for a 50% move to $1.20.
This is also a breakout from a key ascending channel which is often a bullish pattern. If ADA continues to move up the next resistance is at $0.8676 which has capped gains in the past.
This aligns with the current technicals where the MACD histogram is showing increasing bullish momentum.
Open Interest and Staking Data Shows Strong Investor Confidence
In addition to the price action open interest in ADA has surged past $900M. This is institutional and retail buying. The funding rate is 0.0103% so this is not a short squeeze.
The staking ecosystem is also strong. Over 2,700 staking pools and over 1.3 million staking addresses. 22.08 billion ADA staked which is worth $18.52 billion at current prices.
This reduces the circulating supply and adds to the upward pressure on the price.
Key Points:
- Price: ADA has broken the $0.84 level and is targeting $0.8676.
- Open Interest: OI is over $900M.
- Staking: 22.08 billion ADA staked.
- Potential Rally: 50% to $1.20 if this continues.
Trade:
- Buy: $0.8380
- Take Profit: $0.8676
- Stop Loss: $0.7702
- Trade: Buy if ADA holds above $0.8380 to $0.8676. Stop below $0.7702. A break below this could be a pullback to $0.7341.
ADA has good technicals, open interest and staking so should go up. But be careful, a break below $0.7702 could reverse the trend.
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