Cardano Price Targets $10 Rally as Open Interest Reaches Seven-Month High
Cardano's cryptocurrency ADA is experiencing significant attention as it approaches a potential breakout past $1.0, having surged 21% weekly and reclaiming the eighth position among top cryptocurrencies.
- The daily trading volume increased by 18% to $2.46 billion, indicating strong bullish sentiment.
- ADA recently crossed $1 for the first time in five months, with analysts suggesting a possibility of a rally towards $10.
- Analyst Crypto Patel highlighted that ADA rebounded from a high-timeframe demand zone, showing strong support.
- A bullish market structure with liquidity above current levels supports further price increases.
- The daily chart indicates a bullish setup, confirmed by a recent Moving Average Convergence Divergence (MACD) crossover.
- A successful breakout above $1.04 could lead to targets near $1.60 if buying pressure continues.
Source: TradingView
- Cardano's open interest peaked at $1.13 billion, its highest since January, signaling increasing trader participation.
- Rising open interest suggests potential price gains but also increases the risk of long liquidations if sentiment reverses.
Source: Glassnode
Additionally, TOKEN6900 has raised over $2.2 million in its presale, positioned as a meme coin with no intrinsic utility but strong appeal. The presale has a hard cap of $5 million.
Current Presale Stats
- Current price: $0.007025
- Amount raised: $2.2M
- Ticker: TOKEN6900
- Hard cap: $5 million