Cardano (ADA), 'All-Out War' to Defend $0.16 Support Line...Volume Decreases, Open Interest Increases

▲ Cardano (ADA)

Cardano (ADA) is holding strong at the $0.16 support line, protecting the last flicker of a rebound. Although trading volume has plummeted by over 33%, open interest has actually increased, making the recapture of $0.18 a decisive point that will determine whether it re-enters the $0.2 range.

According to cryptocurrency media outlet CoinGape on July 9 (local time), Cardano has maintained its position above the $0.16 support line, rising 1.75% in one day and 4% over the past week. The total market capitalization of the cryptocurrency market also increased by 1.26% to $2.17 trillion, indicating a return of buying interest in major assets.

In the derivatives market, reduced trading and position retention presented a mixed picture. Trading volume decreased by 33.48% to $392.69 million, but open interest increased by 1.16% to $411.82 million. Options trading volume sharply dropped by 92.94% to $6,590, and options open interest decreased by 0.27%.

The 24-hour long/short ratio was 0.9459, falling below 1. In contrast, the Binance and OKX account ratios exceeded 2.4, indicating a relatively strong preference for long positions on major exchanges.

On the 4-hour chart, the Relative Strength Index (RSI) indicated weak momentum at approximately 40 but did not enter the oversold zone. The Moving Average Convergence Divergence (MACD) also remained slightly negative. If Cardano reclaims $0.18, it could test $0.2, and a breakthrough of $0.2 would set $0.22 as the next resistance level.

Conversely, failure to defend the $0.16 support line could lead to a drop to $0.14. With trading volume sharply decreasing while open interest increased, defending $0.16 and recapturing $0.18 have been identified as key price levels that will determine Cardano's rebound trajectory.

[Article Key Summary]

-Cardano rose 1.75% in one day and 4% over the past week while maintaining the $0.16 support line.

-Derivatives trading volume decreased by 33.48%, but open interest increased by 1.16% to $411.82 million.

-Recapturing $0.18 would open the way to $0.2 and $0.22, but a breakdown of $0.16 could lead to a drop to $0.14.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*