Cardano continues to strengthen in the cryptocurrency market, posting a 35% gain on November 10. The altcoin's price holds around $0.65, positioning it among leading tokens alongside Bitcoin and Ethereum.
Cardano's Market Growth Indicators
Alongside Bitcoin, which reached a new all-time high, Cardano rose to a six-month high of $0.6599. Open interest in ADA contracts increased by 15.51% over the past 24 hours, indicating demand in the futures markets. Active addresses increased by 42% in November, showing growing interest in the token. Currently, Cardano's correlation with Bitcoin is 0.93, meaning price changes in Bitcoin significantly impact ADA's price.
Technical Indicators for Cardano
Cardano demonstrated range-bound dynamics between $0.5225 and $0.2756 over the past six months. However, it is now poised to test resistance at $0.8104. The MACD indicator denotes positive momentum with a likelihood of further gains. Resistance levels at $0.9058 and $1 present significant hurdles, but successful closure above these levels could bring price highs back into play.
Strategic Considerations for Investors
Derivatives market data show a long/short ratio above 1, indicating trader confidence in ADA's price increase. The "fear and greed" index for Cardano signals "extreme greed," usually a sign of potential correction.
Cardano demonstrates significant growth amid the overall market strength. However, investors should closely monitor correction signals and use derivatives market data as strategy indicators.
