Overview
- Cardano (ADA) surged over 7% in 24 hours, reaching $0.601, despite U.S. regulatory uncertainty around ETF approvals.
- A new U.S.–Vietnam trade agreement boosted global risk appetite, supporting ADA's resilience.
- Derivatives data signals bullish sentiment, with a long-to-short ratio of 1.10 and 7.04% increase in open interest.
- Technical breakout from a symmetrical triangle sets targets at $0.618**, **$0.635, and $0.654.
Derivatives Market Turns Bullish
Cardano's momentum extends beyond spot markets, with derivatives traders positioning for further gains:
- Long-to-Short Ratio: Peaked at 1.10, the highest in over a month.
- Open Interest: Rose 7.04% to $861.5 million in 24 hours.
- Volume Surge: Increased buying activity confirms breakout momentum.
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Technical Breakout Signals Higher Targets
ADA's price action shows a confirmed breakout from a symmetrical triangle, supported by key indicators:
- MACD crossed above zero with rising histogram bars.
- Price holds above the 50-period EMA ($0.5705) and trendline support.
Targets:
- Near-term: $0.618
- Mid-term: $0.635
- Stretch: $0.654
Trade Setup for New Traders
Entry Points:
- Retest of $0.581 support.
- Breakout above $0.605.
Risk Management:
- Stop-loss: Below $0.570.
Targets:
- $0.618
- $0.635
- $0.654
FAQs
Why is ADA rising despite ETF uncertainty?
Cardano's resilience stems from macro tailwinds (e.g., U.S.–Vietnam trade deal) and strong technical breakout momentum.
What are ADA’s key resistance levels?
- $0.618 (near-term)
- $0.635 (mid-term)
- $0.654 (stretch target).
How can traders confirm further upside?
Monitor volume surges above $0.605** and sustained support above **$0.570–$0.580.
Bottom Line
Cardano’s technical strength, bullish derivatives data, and favorable macro conditions suggest potential for further gains. Traders should watch $0.605** for confirmation of a push toward **$0.635–$0.654.
👉 Stay updated with live crypto rates for strategic entry points.
Disclaimer: Trading involves risk. Conduct your own research before investing.