Cardano (ADA) is one of the altcoins that has recently reduced its gains as Bitcoin (BTC) struggles to reach the $70,000 mark. With BTC dropping below $67,000, have lost significant ground. With these altcoins trading close to their support levels, what does the future hold for ADA’s price?
Cardano has over $249 million in open interest, and upcoming developments like partnerships could act as significant catalysts for price increases. According to Coinglass, ADA’s futures open interest has risen from $152 million since mid-August. This increase coincided with Cardano’s price reaching a local low of $0.28.
Notably, the increase in open interest indicates that traders are showing interest in Cardano. A double-top pattern in July caused ADA to drop from $0.43 to $0.28 as the crypto market declined in early August. Over the past three months, bears have successfully held bulls below $0.41 on two occasions.
Cardano (ADA): What Does Technical Indicator Shows
The price movements in the last month suggest an ascending triangle pattern. If market conditions favor a breakout, ADA could regain recent supply zones, establishing them as key support areas. The Relative Strength Index (RSI) indicates a potential continuation of bearish momentum.
The Moving Average Convergence Divergence (MACD) indicator is also worth noting. While the MACD shows signs of potential bullish strengthening with its crossover, there is insufficient buying pressure. This dynamic must change for bulls to gain momentum; otherwise, Cardano’s price may retest support around $0.31.
FX Guys ($FXG): A Top Crypto ICO With Massive Presale Success
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In the first stage of its public presale, FX Guys has already sold over 103 million tokens. At a price of $0.03 per token, early investors have a unique opportunity to get in before the public launch. With the speed at which tokens are sold, this project is one of the best altcoins for the next bull run.
The platform is designed to provide unparalleled access to real trading capital. The firm supports a range of assets, including crypto, FX, indices, and commodities, making it the best cryptocurrency to invest in today. The platform also ensures fair dealing conditions and top-tier customer support.
FXGuys ($FXG): Driving Success With Its Staking Mechanism
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The FX guys introduce a Trade2Earn program that positions it as one of the best altcoins for the next bull run. This initiative rewards traders with tokens for each trade they execute, regardless of the trade’s outcome. It’s a perfect fit for traders who want to hone their skills while gaining tangible rewards.
Conclusion
While ADA shows bearish signals, has seen demand across the crypto market. With the features that distinguish it from other altcoins, FX Guys is the top crypto ICO worth considering. Take advantage of this opportunity by buying the tokens via the website.
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