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**$1,260,000,000 Locked in Cardano Open Interest, But There’s a Catch**
Over the last 24 hours, Cardano (ADA) has experienced an unexpected surge, reaching an intraday peak of $0.7542. The development has sparked significant interest among investors, who have committed an astonishing $1,260,000,000 worth of ADA to the futures market. This staggering amount is a testament to the growing sentiment in the Cardano ecosystem.
According to CoinGlass data, approximately 1,680,000,000 ADA have been locked in as open interest by investors in the ecosystem. This unprecedented event hints at the potential for upward price movement towards the psychological $1 level.
It’s essential to note that this surge is not without its challenges. The recent Emurgo Cardano Card launch has boosted network activity, with active addresses surging. However, the current volume dip raises questions regarding investors’ reluctance to actively engage with the asset. The trading volume is currently in the red zone, down 15.8% to $1,240,000, suggesting that market participants remain cautious.
The cryptocurrency market appears to be influenced by the broader sentiment after Bitcoin reached a new all-time high (ATH) of $123,091. Many anticipate Cardano may capitalize on this sentiment to reach the $1 mark. As of press time, Cardano is trading at $0.7516, representing a 2.17% increase over the last 24 hours.
Cardano’s ability to break above the $0.74 resistance and find stability above that level has contributed to its upward price movement. This breakthrough comes as ADA continues to benefit from increased network activity following the Emurgo Cardano Card launch.
In conclusion, despite these developments, Cardano’s open interest data raises concerns regarding investor reluctance to actively participate in trading the asset.
Source: u.today
