CandleFocus Cardano Price Faces 45% Downside Risk Amid Open Interest Decline
2024-12-20
Author: Content Editor
The crypto market experienced a relief rally as Bitcoin maintained support at $90k, but major altcoins like Cardano showed a breakdown below key support. ADA's future open interest has declined by 38%, suggesting reduced trader confidence and potentially signaling a bearish sentiment. Cardano's Open Interest (OI)-Weighted Funding Rate has also dropped, indicating reduced bullish sentiment and limited expectations for a major price rally in the short term. The Cardano price traded within a symmetrical triangle pattern, but recently pierced the bottom trendline. It is currently trading at $0.9 and may retest the breached trendline as resistance. If the resistance holds, there could be a potential 43% fall to $0.52. However, a long-tail rejection candle at a Fibonacci retracement level suggests a demand pressure at the bottom, and if the price surges past $0.1, buyers may regain control.
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