Cardano (ADA) is showing a significant increase in open interest in futures and confirming its reputation due to a recent audit.
Increase in Open Interest in Futures
Open interest in Cardano futures has surged by $250 million in under a week, reaching $1.79 billion. This indicates a more optimistic sentiment among traders; however, options volume saw a significant drop of 93% down to $6.59K.
Confirmation of Cardano's Legitimacy
A recent audit found that approximately 99.2% of vouchers used during Cardano's fundraising were successfully redeemed. The independent investigation cleared the project of fraud allegations, with remaining tokens used to support ecosystem projects.
Analysis of Current ADA Market Situation
Currently, ADA is trading at $0.8833 after an 8% increase over the past week. Projections suggest that the price needs to maintain above $0.84 for further growth, while a drop below $0.87 could lead to a decline to $0.855.
The increase in open interest and successful audit confirm Cardano's stability; however, the project faces challenges in the market and in regulation.
