Cardano (ADA) traders are optimistic about the asset, as indicated by the recent data regarding its open positions in the derivatives market.
Futures Traders Betting on Cardano Recovery
According to CoinGlass data, the open interest for Cardano has reached 1.2 billion ADA. This translates to approximately $694.08 million that traders have bet on the recovery of ADA's value. This move is expected to correlate with the recovery of the cryptocurrency market following recent downturns fueled by tensions in the Middle East.
Can ADA Bulls Sustain Momentum?
In the past 48 hours, Cardano bulls managed to boost the price of the asset by 10%, though they faced resistance. If traders continue to accumulate, this could help breach the $0.60 resistance level.
Current Metrics and Market Conditions
Currently, Cardano is trading at $0.5811, experiencing a slight pullback due to market volatility. The current 1.2 billion ADA bet by futures traders could create support and increase trading volume. Cardano sits in the 'red zone' with a 50.27% downturn, but this metric could shift positively if more investors begin to transact.
Current trader data suggests that Cardano may be on the brink of recovery. Given the recent market fluctuations and trader activity, the likelihood of significant ADA growth may increase.
