#MarketSentimentToday #Write2earn
Cardano (ADA) Shows Potential for Rally After 19% Rebound
Cardano (ADA) dropped to $0.27 during a market-wide sell-off on August 5, but quickly rebounded by 19% to $0.37. This recovery, along with strong technical indicators, suggests ADA may continue to climb.
Rising Market Interest in ADA
In the past week, Cardano's futures open interest surged by 21% to $191 million, reflecting growing trader interest. Positive funding rates at 0.0067% indicate a bullish market sentiment, with more traders favoring long positions. Additionally, a transaction volume ratio of 1.11 in favor of profitable trades adds to the optimism.
Price Outlook: Could ADA Hit $0.40?
Key indicators like the Chaikin Money Flow (CMF) at 0.11 and an RSI of 58.24 suggest strong buying pressure, potentially pushing ADA to retest $0.40. However, caution is advised as profit-taking could trigger a 27% drop back to $0.27.
