Summary
TLDR: Despite market cues suggesting a decline, Cardano investors remain optimistic, leading to a surge in open interest and bullish bets. Price indicators show mixed signals, but if investor optimism extends to them, Cardano could bounce back and rally to $0.74. However, if support is lost at $0.63, the price could decline to $0.59.
Key Points
1. Cardano (ADA) price is adhering to broader market cues, suggesting a potential decline.
2. Despite bearish market cues, investors continue to show optimism in Cardano, reflected in the flow of money into the asset in the derivatives market.
3. The surge in open interest by 12.7% in the past week, along with bullish bets and positive funding rate, could lead to a potential bullish breakout in price indicators like RSI and MACD, resulting in a possible bounce back in Cardano price.