Cardano (ADA) traders have placed over $723 million at risk in the asset’s futures market. This follows a slight increase of 0.99% in ADA’s open interest in the last 24 hours. CoinGlass data shows that investors have committed $723,560,000 to Cardano.
ADA price struggles to sustain momentum
Notably, this represents 1.30 billion ADA that is at stake. This volume suggests that Cardano futures traders are bullish on ADA. These investors are optimistic about an increase in ADA’s value in the coming days.
As of this writing, Cardano is trading at $0.5593, representing a 0.91% increase over the last 24 hours. ADA had risen to a peak of $0.564 before experiencing a slight pullback. The coin has the potential to retest the $0.60 level if volume rebounds with price.
Currently, trading volume has declined by 6.62% to $478.84 million as investors remain cautious. Cardano could witness a breakout above $0.60 as per developments in the broader ecosystem. The cryptocurrency market is in recovery mode and has entered the green zone by 0.56%.
This recovery could spark a more positive overall sentiment and encourage more traders to consider investing additional funds in Cardano.
Cardano oversold conditions could spark rebound
According to Cardano charts, the asset is already oversold and is more likely to continue its rebound journey amid a general recovery outlook for cryptocurrencies. A recent analysis of its Relative Strength Index (RSI) indicator showed that it had plunged to 23, which is seven points lower than usual.
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With the current setup, if Cardano bulls maintain their consistent trading activities, they could push the asset above the $0.60 level. This price mark has proven to be a significant resistance for ADA as most investors acquired the coin at around this level, creating sell pressure.
It is unclear if Cardano bulls would be willing to commit more funds to supporting the asset’s recovery move. Market participants will need to monitor price trends to observe how ADA responds closely.