The post Cardano Sees Market Optimism – Latest cryptocurrency news appeared on BitcoinEthereumNews.com.

Cardano (ADA) experienced a significant drop to $0.27 on August 5 due to a widespread market sell-off, resulting in over $1 billion in liquidations. However, as the market regained stability, ADA bounced back by 19%, pushing its price to $0.37. Current technical analyses suggest the potential for further gains. This article provides an overview of key on-chain data and charts related to ADA. What’s Happening with Cardano? Recent data from Coinglass indicates that Cardano’s futures open interest surged by 21% last week, reaching $191 million. This metric, which tracks the number of outstanding futures contracts, implies an increasing number of investors are taking new positions. The rise in open interest highlights growing investor confidence in ADA. Access COINTURK FINANCE to get the latest financial and business news. Moreover, ADA has enjoyed predominantly positive funding rates over the past week, currently standing at 0.0067%. These funding rates in perpetual futures contracts align contract prices with spot prices. Positive rates indicate that more investors are betting on ADA’s price increase, reflecting a bullish market sentiment. ADA Chart Analysis Key momentum indicators on ADA’s daily chart reveal increased buying pressure. The Chaikin Money Flow (CMF) shows a positive value of 0.11, suggesting substantial liquidity inflow. This positive CMF value typically signifies strong buying pressure, potentially sustaining the current rally. Additionally, ADA’s Relative Strength Index (RSI) is currently at 58.24. This indicates that buying activity outweighs selling pressure. If this trend persists, ADA could retest its recent two-month high of $0.40. Actionable Insights – Monitor ADA’s funding rates to gauge investor sentiment.– Track futures open interest for signs of increasing market positions.– Pay attention to CMF and RSI values for indications of buying pressure and potential price movements. These insights can assist investors in making informed decisions regarding ADA investments. In conclusion, Cardano’s recent…

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Filed under: News - @ August 23, 2024 8:18 pm