Cardano Price Eyes $1.20 as Open Interest Surpasses $900M – 50% Rally Ahead?
By: fxleaders|2025/05/10 18:00:17
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ADA has broken past the $0.84 level and is now at $0.8388. This is a 20% up from the recent 7 day low of $0.6425. The 50 EMA is now support at $0.7276 so we have cleared a big level that should set us up for a 50% move to $1.20. This is also a breakout from a key ascending channel which is often a bullish pattern. If ADA continues to move up the next resistance is at $0.8676 which has capped gains in the past. This aligns with the current technicals where the MACD histogram is showing increasing bullish momentum. Open Interest and Staking Data Shows Strong Investor Confidence In addition to the price action open interest in ADA has surged past $900M. This is institutional and retail buying. The funding rate is 0.0103% so this is not a short squeeze. The staking ecosystem is also strong. Over 2,700 staking pools and over 1.3 million staking addresses. 22.08 billion ADA staked which is worth $18.52 billion at current prices. This reduces the circulating supply and adds to the upward pressure on the price. Key Points: Trade: ADA has good technicals, open interest and staking so should go up. But be careful, a break below $0.7702 could reverse the trend.
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