Cardano (ADA) is showing some serious bullish signs lately! While it’s still under $1, there’s a lot of positive activity suggesting a price increase might be on the way. Traders and investors are showing renewed interest, and analysts are predicting a bullish reversal.
A Massive Open Interest Spike
One key indicator is the huge jump in Cardano’s open interest. In just 24 hours (between May 21st and 22nd), it soared from $902.27 million to $958.05 million – a 25% increase! That’s a significant leap from the recent low of $715.01 million.
Open interest represents the total value of outstanding futures and options contracts for ADA. A rising open interest means more people are placing bets on ADA’s price movement, either long (expecting it to go up) or short (expecting it to go down).
Interestingly, the current long/short ratio is almost even (49.71% long, 50.29% short), suggesting a battle between bulls and bears.
Breaking Out of the Wedge
After a previous price drop, Cardano was stuck in a falling wedge pattern – a technical chart formation. But now, with Bitcoin hitting new highs and altcoins following suit, Cardano is breaking out of this pattern!
Analyst JimmyX pointed out this breakout on X (formerly Twitter), predicting price targets of $0.9508, $1.0295, and $1.1316. The price is already heading towards the first target after crossing $0.80.
