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Cardano (ADA) has captured fresh market attention, as bullish signals emerge amid rising volatility in the broader crypto landscape. Currently priced at $0.6282, ADA has shown resilience, bouncing from a low of $0.6197 to touch a 24-hour high of $0.6340. While the asset remains in a tight consolidation range, key technical indicators hint at a potential breakout.
Among the most significant developments is a surge in Open Interest, which has climbed over 4% in just one hour, according to CoinGlass data. The total Open Interest for ADA now exceeds $629 million, signaling renewed investor confidence. In derivatives markets, such a rise often precedes sharp price movements, as it reflects increased capital flow and trader commitment.
In tandem with this, a Golden Cross formation—a bullish technical pattern where a short-term moving average crosses above a long-term moving average—is nearing confirmation on the ADA/USDT daily chart. The 9-day moving average is poised to surpass the 21-day average, a move that typically signals the start of a strong upward trend. If realized, ADA could break through its $0.6677 resistance, potentially validating bullish price predictions as high as $4.
While the Awesome Oscillator still prints negative, suggesting bears haven’t fully retreated, the dwindling momentum of the selloff hints at a changing tide.
Beyond the charts, Cardano is also gaining traction on the institutional front. As reported by CoinGape, Cardano-Bitcoin staking may soon become a reality. Additionally, ADA has joined the growing roster of cryptocurrencies with pending ETF applications at the U.S. Securities and Exchange Commission (SEC), a move that could accelerate institutional adoption.
With technical and fundamental signals aligning, ADA bulls are eyeing a long-awaited breakout. As momentum builds, all eyes remain on whether this crucial golden cross setup will deliver Cardano’s next rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
