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Yesterday, Cardano (ADA) witnessed a surge in activity, boasting a staggering $728 million in trading volume. Nevertheless, the value experienced a slight decrease, declining by 5%.
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As per CoinGlass, Cardano (ADA) underwent considerable market activity in the preceding day, with open interest totaling $728 million.
Cryptocurrency futures open interest denotes the aggregate quantity of futures contracts that have not yet been resolved in the market. This number diminished by 2.69% in the past day, correlating with a 5% reduction in the value of ADA during the same timeframe.
Open interest can offer understanding into the attitude of market participants toward a cryptocurrency, and a reduction in open interest may signal a rise in pessimistic attitude.
Simultaneously, wider cryptocurrency market instability and macroeconomic ambiguities persist in influencing the value of ADA.
Presently, experts are observing crucial support and resistance thresholds to ascertain whether ADA can rebound or encounter additional negative pressure. Nasdaq Pursues Listing of 21Shares Polkadot ETF
As of publication, ADA has decreased by 4.24% in the preceding day to $0.694 as traders assess the chance that the Federal Reserve may maintain interest rates constant following its March 18-19 policy session.
## Cardano Violates Crucial Support
Cardano reversed yesterday’s upswing, which observed it ascend to a peak of $0.73, and declined to a trough of $0.681 in early Tuesday trading. Consequently, Cardano descended beneath the daily SMA 200 at $0.70 and is presently trading proximate to that threshold.
To begin a prolonged rise, purchasers must elevate the value over the shifting median. If ADA’s value proceeds to diminish and dwells beneath the 200-day shifting median, the prospect of declining to $0.50 escalates, which opposes the aforementioned premise.
Some optimistic tidings for Cardano: Hasdex has petitioned the US Securities and Exchange Commission to sanction a revision that would permit the digital asset administration enterprise to incorporate Cardano and different outstanding various cryptocurrencies in its Hashdex Nasdaq Crypto Index US ETF (NCIQ). Furthermore, Coinbase declared over the weekend that it’s going to introduce Cardano futures contracts, awaiting CFTC endorsement. ADA may ascend to $1.02, the place bears may set up one other sturdy safeguard.
