Cardano Open Interest At ATH Levels: Keep An Eye On These 3 Targets

Cardano has mostly flown under the radar recently, despite being one of the best-performing large-cap altcoins over the last ￰0￱ like the ADA price, the Cardano open interest has also stealthily been on the rise and has even reached all-time high levels amid all the ￰1￱ with the market correction, the open interest has continued to trend high, and with this heightened participation, it could trigger another wave of uptrend for the ￰2￱ High Is Cardano Open Interest? According to data from Coinglass, the Cardano open interest has already beaten its previous all-time high that was set back in January ￰3￱ August 18, the open interest had risen to $1.87 billion, recording the highest point so ￰4￱ new all-time high had come after weeks of steady climb in the open ￰5￱ had followed the rise in the ADA price, which had resulted in a new 5-month high after climbing above $0.9 in the month of ￰6￱ then, the open interest has remained relatively high, maintaining an average of $1.5 billion per ￰7￱ the open interest refers to the amount of all futures or options contracts for a digital asset, it suggests that more and more crypto traders have been taking an interest in the Cardano price at this time.

Usually, a rise in the open interest suggests that investors are bullish , and a decline suggests that they are ￰8￱ means that Cardano investors are still expecting the price to rise from here, and with the current price point, $1 is a good target for where a push might send the ADA price next. However, if there is a sharp decline in the open interest, then the ADA price could end up crashing with ￰9￱ Levels To Watch For ADA Price As interest in Cardano has grown, crypto analyst CryptoPulse has outlined the major levels to watch for the ADA price going ￰10￱ comes as the altcoin reclaimed a key level above $0.8, and is now testing it as support.

Thus, a breakout could be ￰11￱ first of these levels is the 0.382 Fibonacci level, which coincides with the $1.01 price ￰12￱ I $1.1405 at the ￰13￱ level, and lastly, the 0.618 Fibonacci level that would put the ADA price as high as $1.27-4. “As long as price holds above the key level, higher targets remain on the ￰14￱ it, and we look back to range lows,” the analyst said.