Cardano Price Rebounds and Speculators Bet on Further Gains
Cardano’s price has quickly recovered to $0.54 after reaching a 50-day low of $0.43 on January 23. Speculative traders are now placing big bets on the potential for further gains.
Layer-1 Altcoins Lead the Crypto Market Resurgence
The recent recovery in the crypto market has been driven by prominent Layer-1 coins like Solana, Avalanche, and Cardano. Between January 23 and January 30, Avalanche and Solana saw gains of 24.1% and 20.2%, respectively, resulting in a combined market capitalization increase of $14.9 billion.
Cardano’s price trailed behind with a 16% jump during the same period.
Cardano Records Significant Spike in Funding Rate
In addition to its market capitalization increase, Cardano has attracted attention from derivatives traders who are placing unusually large bullish bets on an imminent price breakout.
CoinGlass’s funding rates metric shows that Cardano’s open-interest weighted funding rate rose by 800% on January 30, indicating a surge in positive sentiment among traders.
Cardano Price Forecast: All Eyes on $0.60 Resistance
The current uptrend in Cardano’s price is driven by bullish factors in the altcoin markets, and rising funding rates could further propel it.
The Parabolic Stop and Reverse (SAR) indicator supports this prediction, as it points to a growing bullish momentum for Cardano.
If the bullish scenario plays out, initial resistance may be encountered at the $0.55 milestone price. However, a decisive breakout could trigger further price increases above $0.65.
On the other hand, a downswing below $0.40 could invalidate the optimistic price forecast, although strong support is expected at $0.45.
Hot Take: Speculative Traders Place Bets on Cardano’s Potential Breakout
Cardano’s recent price recovery has attracted the attention of speculative traders who are placing large bullish bets on its future performance. With prominent Layer-1 altcoins leading the market resurgence, Cardano’s 16% jump in price is seen as a sign of potential for further gains.
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