- Cardano increases by more than 4% within 24 hours
- Altcoin’s Open Interest has declined in the charts despite its hike
Last 24 hours Cardano It has begun to show signs of a rebound after recent drops. Investors and owners will be pleased to see this positive change in the price. To sustain this upward trend, additional metrics will be needed to support it.
Cardano is seeing a rebound in the trends
Price trends in recent months for CardanoAs analyzed in a daily frame, the chart showed a significant recovery after a downtrend.
AMBCrypto has analysed ADA and found that it registered a drop of more than 4% in the period 22-26 July. During this time, its price dropped from $0.4 to $0.39.
The price has risen by over 4% in just 24 hours. Price rose by more than 4% to $0.41. This resurgence effectively stopped its prior decline and returned ADA back into the $0.4 range.
TradingView
Cardano was also on the verge of crossing over the neutral line for its Relative Strength Index. RSI values of 50 represent a market that is neither distinctly bearish or bullish.
ADA’s RSI is nearing the point where it indicates that the bearish market momentum has lost strength. This could pave the way for a more stable condition, or a positive trend if recovery continues.
Cardano’s volume declines
The trading volume for Cardano In the past 24-hours, (ADA), however, has seen a dramatic drop. Volume dropped from $390m on the 25th of July to around $310m. It is important to take into account this decline in trading volume by over 15 percent, especially when ADA has recently announced its price.
Santiment
ADA may find it difficult to continue its current upward trend if the trading volume is reduced.
It could be a sign of weakened demand for higher prices if the volume of trading continues to drop or remain low. It could lead to a price stability or even reversal, if the sellers are in control.
Interest in ADA is declining
Cardano Open Interest Analysis Coinglass In the past 24 hours, there was a minor decline. The amount dropped from around $208 million during the last trading session, to about $201 million.
Open Interest is the sum of all outstanding derivative contracts, such as options and futures that are not settled. An increase in Open Interest usually indicates that some traders have closed their positions.
Coinglass
– Is your portfolio green? Look at the Cardano Profit Calculator
This drop could indicate a decline in confidence in the market or in speculative activities, particularly if it continues.
This suggests that recent price increases are not supported by new trading interest, which could affect the long-term sustainability of price rises.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com
