Despite a market shift, Cardano remains bullish in derivatives – Could ADA surge?

  • Cardano holds strong as the tenth-largest cryptocurrency.
  • With a modest increase of less than 1% currently.

Cardano [ADA] may have slipped to tenth place in the market cap rankings, but its derivative markets are showing resilience. Recent data points to a slight uptick in both trading volume and open interest.

Positive Signals from Cardano Metrics

A close look at Cardano’s derivatives on Coinglass hints at positive developments. The volume has climbed to approximately $280.7 million as of now.

In a 24-hour span until the end of trading on June 4th, the volume surged by over $10 million, signifying growing interest in ADA.

Source: Coinglass

Moreover, the surge in volume is mirrored in Open Interest, indicating a bullish outlook with more funds pouring into ADA from investors anticipating market movements.

As of now, the funding rate sits at 0.0106%, suggesting a positive bias. This uptrend hints at a higher number of buyers than sellers currently, fostering optimism for a potential price uptick.

Cardano’s Market Capitalization Standings

Market data from CoinMarketCap places Cardano in the tenth spot, boasting a market cap of around $16.5 billion at present.

Although now behind Toncoin, which grasps the ninth position with a market cap exceeding $17 billion.

Despite slipping to tenth place due to TON’s price rally, ADA has seen less than 1% growth compared to TON’s 12% surge in the past week.

Optimistic Trends for ADA

Analyzing Cardano’s daily price movements reveals encouraging signs over recent days. On June 3rd, ADA climbed by 2.46% and was trading around $0.45. Currently, it hovers near $0.46, marking a slight increase.

Despite the upward momentum, ADA has yet to breach its short-term moving average (yellow line), acting as an immediate resistance level.

Cardano price trend

Source: TradingView

Checking your portfolio’s color? Try the Cardano Profit Calculator

Moreover, breaking past the immediate resistance could open doors to test the long-term moving average at around $0.50. Surpassing these levels could elevate its market cap and help reclaim its former position.

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