Cardano (ADA) on-chain metrics, such as the Long/Short ratio, futures open interest, and funding rate are flashing bullish signals.
ADA could rise by 20% to the $0.42 level if it closes a weekly candle above the $0.35 level.on-chain data, such as the Long/Short ratio, Futures Open Interest, and OI-Weighted Funding Rate are flashing bullish signals.
Its Futures Open Interest increased by 3% in the last 24 hours and has been steadily rising since the beginning of September 2024.Traders and investors often used the combination of rising Open Interest and a Long/Short Ratio value above 1 to build their position. Conversely, if Open Interest is rising and the Long/Short Ratio was below 1, indicated that short sellers were betting more on short positions.At press time, 51.2% of top traders held long positions, while 48.8% hold short positions, indicating a bullish outlook for ADA.
Additionally, the large transactions increased by 10% on the same day. This uptick in the whale activity indicated a potential upside rally in the coming days.According to the expert technical analysis, ADA appeared bearish and was trading near a crucial support level of $0.315.
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