Cardano (ADA) Eyes $0.60 as Futures Open Interest Surpasses $723 Million

Cardano (ADA) traders have staked over $723 million in the asset’s futures market, signaling growing optimism. According to CoinGlass, ADA’s open interest rose by 0.99% in the past 24 hours, with a total commitment of $723.56 million—equivalent to 1.30 billion ADA tokens. This data reflects a bullish sentiment among futures traders, who anticipate a near-term price rebound.

At press time, Cardano trades at $0.5593, up 0.91% in the last day. It briefly peaked at $0.564 before encountering resistance. If momentum and volume increase, ADA could challenge the key $0.60 level, a significant resistance zone due to previous buy-ins at that price. However, trading volume has dipped by 6.62% to $478.84 million, suggesting some investor caution.

Despite the short-term dip, technical indicators suggest potential upside. Cardano’s Relative Strength Index (RSI) recently dropped to 23—well below the typical 30 oversold threshold—implying the token is undervalued and could be primed for a bounce. The overall crypto market is also showing signs of recovery, up 0.56%, which could boost sentiment and capital inflow into ADA.

For Cardano to sustain upward momentum, bulls must remain active, particularly around the $0.60 resistance. A breakout above this level could confirm a stronger bullish trend, but hesitation from investors could limit gains. As ADA navigates these critical levels, market participants are closely watching for signals of renewed strength.