Key Notes
- ADA price has seen more than a 60% rally within the last four weeks as bullish momentum continues.
- RSI on the weekly chart stands at 58, slightly above its neutral level of 50, indicating that bullish momentum is gaining traction.
- With the current outlook, a retest of $1.01 is possible in the coming weeks.
Cardano
ADA
$0.87
24h volatility:
4.3%
Market cap:
$31.37 B
Vol. 24h:
$1.70 B
has recently experienced notable price gains, further extending its bullish outlook.
Within the last four weeks, the ADA price has seen a rally of more than 60%. The Cardano open interest (OI) has reached a record high. This signals improved sentiment for ADA and could pave the way for further price increases.
Technical Analysis Says ADA Could Extend Bull Run
The ADA price was trading at $0.8725, down 1.39% over the last 24 hours at the time of writing. Despite the dip in price, it is worth noting that the coin has managed to sustain its bullish outlook in the mid-term.
On July 21, ADA’s price jumped past $0.92, marking a four-month high. DeFiLlama data shows that Total Value Locked (TVL) on Cardano surged past $412 million on Monday.
ADA’s open interest has climbed to a record high, while technical indicators point to a potential bull run. The weekly RSI stands at 58, slightly above the neutral 50, signaling growing bullish momentum.
Cardano Weekly Chart | Source: TradingView
Some indicators show an increasing likelihood that ADA will revisit the $1 psychological level in the short term. As of June 14, Futures’ OI in ADA at exchanges was at $1.18 billion.
From there, it rose to $1.66 billion on Monday, marking a new daily all-time high (ATH).
An increasing OI usually indicates that new or additional money is entering the market. It could also suggest new buying, a sentiment that could fuel the current ADA price rally.
The Cardano chain had recently recorded a surge in traders’ interest and liquidity. This event is believed to be a catalyst for the platform’s bullish outlook.
According to Token Terminal data, ADA Chain’s weekly token trading volume increased from $8.12 billion in the second week of July to $10.30 billion just last week. This marks the highest level that the Cardano platform has seen since mid-March.
With a positive liquidity boost, the chances of retesting the $1 mark in the coming weeks is high.
The TOKEN6900 Presale Just Got More Interesting
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Current Presale Stats
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Amount Raised So Far: $977K
Ticker: TOKEN6900
Hard Cap: $5 million
End Price: $0.007125
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
