Cardano
Cardano Crosses $0.26 Resistance Amid Rising Open Interest and Derivatives Activity
Cardano traded near $0.27 following a breakout above the $0.26 mark, supported by rising derivatives open interest despite subdued on-chain activity.
Cardano climbed toward $0.27 after breaking above the $0.26 resistance level, following several weeks of consolidation between $0.23 and $0.26. The upward move has been accompanied by a recovery in derivatives open interest toward $300 million and a rise in the Chaikin Money Flow indicator to around 0.19.
Derivatives data indicates a concentration of short positions between $0.277 and $0.28, which could create additional buying pressure if breached. Conversely, long-liquidation risks remain concentrated below $0.26. According to the analysis, holding the $0.26 to $0.27 range could bring the next major resistance between $0.30 and $0.31 into focus, while a fall below $0.26 could expose the $0.23 to $0.24 support zone.
Despite the momentum in price and derivatives metrics, the report notes that on-chain fundamentals have lagged, with cooling network engagement and muted decentralized finance activity failing to confirm the strength of the rally.
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