Cardano (ADA) investors are anticipating a price increase as open interest has risen slightly over the last 24 hours, indicating renewed confidence among ADA holders.
Increase in ADA Open Interest
Data from CoinGlass shows that investors trading ADA futures have committed 1.09 billion ADA, valued at over $765 million. This increase signals confidence in ADA's future trajectory despite a drop in trading volume. Binance, Bitget, and Gate.io exchanges account for a significant portion of the open interest.
Cardano’s Role in the U.S. Strategic Crypto Plan
Cardano has gained attention due to its potential role in the U.S. strategic crypto plan. The SEC highlighted ADA’s role in digital infrastructure, including smart contracts for government services and infrastructure management. It is also more energy-efficient than traditional Proof-of-Work blockchains.
Will Cardano Sustain Its Trend?
Experts are skeptical about a sustained uptrend in ADA. While a short-term buying interest might arise among ADA bulls, the risk of a quick reversal is high. Nonetheless, some predict that ADA could reach $2 if it breaks key resistance levels.
In a fluctuating market environment, Cardano (ADA) continues to attract investor attention with potential for growth. However, many analysts emphasize caution due to possible market shifts.
