Cardano (ADA) Remains in Consolidation Phase: Is a Price Breakout Imminent?
Cardano (ADA) has remained rooted below $0.30 since August 1. Can the ongoing crypto rally propel ADA out of the Consolidation phase?...
- Cardano (ADA) price has seen a 12% gain over the past week, reaching $0.26.
- Speculative traders have been pulling out their capital from ADA Futures markets, leading to a decline in Open Interest by $5.6 million.
- The decline in Open Interest suggests that traders expect the consolidation phase to continue.
- While spot traders are looking to buy ADA, sellers are holding out for higher prices.
- ADA bulls currently have the upper hand with an excess market demand of nearly 40 million ADA.
- However, if sellers do not raise their asking prices, ADA price is likely to continue its consolidation phase below $0.30.
- The current spot market demand levels indicate that ADA's price will likely remain above $0.25 in the coming days.
The article provides a mixed sentiment. While there are gains in Cardano's price and bullish sentiment returning to the crypto markets, there are also indications of speculative traders pulling out and sellers holding out for higher prices.