Cardano Futures Volume Hits $6.96B as ADA Eyes $1.1 Target

Cardano (ADA) has seen a notable surge in derivatives trading activity, with futures volumes reaching $6.96 billion, a 5-month high last recorded in March [1]. This sharp increase in volume suggests growing institutional and retail trader interest in the asset, with derivatives data from platforms like Coinglass indicating that retail traders are heavily skewed towards long positions [2]. The elevated volume has fueled bullish sentiment, with experts projecting the price of ADA could reach $1.1 in the near term.

According to analyst Ali Martinez, the recent surge in futures volumes reflects increased market activity and optimism, particularly as ADA’s price currently trades at $0.9169, just below the $1 psychological level [3]. Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) both point to a potential upward movement, with the RSI at 62 and the MACD flashing a positive buy signal on the 1-day chart [4]. The formation of a bullish triangle below $1 suggests the price may test the $1.1 level soon.

Expert trader TheDappAnalyst has outlined a more ambitious price target of $1.49 based on Fibonacci extension levels, identifying key price points at $1.11, $1.29, and $1.49 as potential resistance levels [5]. He further notes that if ADA consolidates within a symmetrical triangle, it could potentially reach $1.50, citing historical tendencies of such patterns to result in upward breaks. Meanwhile, if ADA faces a pullback near $1, the current support level at $0.88 could shift lower to $0.77, based on Fibonacci retracement levels.

A further key price level highlighted by TurboBullsCrypto is $0.93, described as a crucial launch zone for ADA to break above $1 [6]. If ADA successfully retests and holds above $0.93, it could target $1.13, with the potential to push higher if the breakout sustains. The recent weekly performance has also been strong, with ADA posting a 22.92% gain over the past seven days, placing it among the top performers in the top 10 largest cryptocurrencies by market cap.

The increased volatility and volume reflect broader market dynamics, including a growing focus on Cardano within institutional and retail trading communities. As the price continues to gather momentum, traders and analysts remain closely monitoring key resistance and support levels to anticipate further price action.

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[1] Cardano Futures Volume Reach $6.96B as Experts Set ADA Price Target at $1.1 (https://coinmarketcap.com/community/articles/68a37808eb93f452b901f0ee/)