The price of Bitcoin has risen above $106k, leading to a resurgence in altcoins. Cardano shows signs of a rebound rally and presents a breakout opportunity. The open interest for Cardano has increased by 3.01% over the past 24 hours, reaching $1.31 billion. This indicates a potential surge of bullish sentiment among crypto traders. The current long-to-short ratio suggests more bearish positions, but the positive funding ratio suggests traders are willing to pay a premium for long positions. The current Cardano price trend suggests a potential upside opportunity, with strong bullish dominance at the 38.20% Fibonacci level. If Cardano breaks out above the 23.60% Fibonacci level, the chances of a rally and reaching the $1.3219 price target will increase. Overall, the current Cardano price trend indicates a possible upside potential of around 30%. However, a break below the 38.20% Fibonacci level could test the $0.8180 support level.



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