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Cardano Price Eyes 25% Surge as Futures Open Interest Hits 3-Month High
Source: CryptoNewsNet Original Title: Cardano price eyes a 25% surge as open interest jumps to a 3-month high Original Link: Cardano (ADA) token rallied as investors returned to the crypto market, with Bitcoin (BTC) moving above $92,000 and the valuation of all tokens hitting over $3.2 trillion.
Rally Drivers
The rally coincided with the rising futures open interest, which jumped to a high of $856 million, its highest level since October 10 when liquidations surged to over $20 billion. It has been in a slow uptrend after bottoming at $603 million on Dec. 19.
Rising futures open interest is a sign that investors are using more leverage or borrowed money to buy the coin. The rising open interest also coincided with the positive funding rate, a sign that investors anticipate the coin to keep rising.
Upcoming Catalyst Events
Cardano price has also jumped as traders wait for the upcoming Midnight mainnet launch, which will happen later this quarter. The team hopes that Midnight will be the biggest component of Cardano’s ecosystem. It will leverage zero-knowledge technology to help developers build privacy-focused applications.
Cardano is also working on the Leios upgrade, which will come out later this year. Leios will be a major upgrade that will introduce parallel processing, which will make it handle thousands of transactions per second, matching other popular chains.
Meanwhile, the developers are working on the Pentad proposal, which aims to introduce stablecoins, oracles, and analytics tools to the network.
Technical Analysis
The daily timeframe chart shows that the ADA price bottomed at $0.3278 on Dec. 31 and is currently $0.4125. This rebound has coincided with that of Bitcoin and other altcoins.
The Relative Strength Index has moved above the neutral point at 50, while the Stochastic Oscillator has moved to the overbought level.
However, the token remains below the 50-day and 100-day Exponential Moving Averages and the Supertrend indicator. That is a sign that bears remain in control for now.
The token will likely rebound and possibly retest the key resistance level at $0.5100, which is about 25% above the current level. This target is the lowest level in February, April, and June last year.