Cardano (ADA), Futures Retail Investors Pulled Out...Fear of 0.2 Dollar Collapse Spreads

▲ Cardano (ADA)/AI generated image

Cardano (ADA) is continuing its weekly upward trend of 11.5%, processing selling pressure around the $0.25 mark. With a surge in decentralized exchange (DEX) trading volume, its future path hinges on breaking the $0.26 resistance, potentially leading to $0.30 or retesting $0.20.

According to the virtual asset specialized media outlet CoinGape on September 28 (local time), Cardano's price is trading around $0.2537, taking a breather after rebounding from its previous low of $0.20. Cardano's market capitalization is approaching approximately $9.52 billion. The overall virtual asset market value is nearing $2.98 trillion, with Bitcoin (BTC) at $84,244, Ethereum (ETH) at $2,679, and XRP at $1.51, indicating continued warmth across the market.

On-chain decentralized finance indicators showed a sharp increase in trading volume. According to DeFiLlama data, Cardano's weekly decentralized exchange trading volume surged by 2,965%. The cumulative decentralized exchange trading volume over the past 30 days reached $248.31 million. However, the trading volume in the last 24 hours decreased to $1.68 million, indicating that the surge in volume was more due to short-term concentrated trading at specific points rather than consistent daily demand.

In the derivatives market, trading enthusiasm showed a slight cooling trend. According to Coinglass aggregates, Cardano's derivatives trading volume decreased by 17.44% to $483.74 million. Open interest was recorded at $605.28 million, a decrease of 3.71%. Notably, options trading volume plummeted by 92.94% to just $6,590, and options open interest also slightly retreated to $374,920.

In technical indicators, slowing short-term momentum and support line defense are in a tight standoff. The Relative Strength Index (RSI) on a 4-hour candle basis remained above the neutral baseline of 50 at 55.54. In contrast, the Moving Average Convergence Divergence (MACD) line recorded 0.0034, falling below the signal line of 0.0041, and the histogram showed -0.0007, indicating a slowdown in upward momentum. If it breaks above $0.26 based on the 4-hour closing price, an upward path to $0.30 via $0.27 could open, but if the $0.25 support line breaks, there is a possibility of further decline to the $0.20 level.

With the surge in decentralized exchange trading volume and the slowdown in derivatives indicators, Cardano's search for direction continues. The market is keenly watching whether Cardano, having solidified its $0.25 support base, can break through the $0.26 resistance and successfully settle at $0.30.

[Article Key Summary]

-Cardano (ADA) recorded $0.2537, up 11.5% weekly, and is attempting to break the $0.26 resistance line.

-Weekly DEX trading volume surged by 2,965%, but derivatives trading volume and open interest showed a decrease.

-Breaking $0.26 is expected to lead to $0.30, while a break below $0.25 carries the risk of retreating to $0.20.

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