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Cardano (ADA) Price: Derivatives Data Supports Continuation of 15% Rally
Cardano’s price has been gaining momentum in recent trading sessions, and the latest data suggests that this bullish momentum may be more than just a temporary bounce. Key metrics from derivatives markets have aligned to support a continuation of the 15% rally seen over the past week.
Firstly, the open interest in ADA futures contracts has increased significantly, now standing at $1.44 billion. This surge indicates that new money is entering the market, fueled by the current price action and traders’ growing confidence in ADA’s prospects. The last time we saw such a strong increase in open interest was during the 2022 rally.
Furthermore, funding rates have shifted from negative to positive, revealing a stark shift in sentiment among traders. A significant portion of long position holders are now willing to pay shorts to hold their positions, indicating that the majority of market participants believe ADA will continue its upward trajectory.
The technical picture is equally as rosy, with an RSI reading at 61 and a bullish MACD crossover confirming increasing momentum. The daily chart shows no signs of bearish divergence, further corroborating this idea.
Source: blockonomi.com
