Cardano Price Nears Key Breakout Level
Cardano (ADA) trades above $0.90 as it approaches a resistance line in a triangle pattern. The price is close to breaking out on the daily chart. If it breaks above $0.95, the next target is $1.01, based on the 61.8% Fibonacci retracement level. ADA has risen for four days in a row and passed the 200-day moving average. However, a drop below $0.92 could push the price down to $0.85.
Charles Hoskinson Supports Ergo After HTX Delisting
Cardano’s founder, Charles Hoskinson, showed support for the Ergo blockchain. Ergo was recently delisted from HTX after refusing to pay a $100,000 marketing fee. Hoskinson suggested building a partner chain for Ergo on Cardano. This would allow Ergo to use Cardano’s technology for merged mining. The partnership could speed up transactions and offer rewards to miners on both networks.
Rising Bullish Sentiment in Cardano Derivatives
Open Interest (OI) in Cardano derivatives rose to $1.87 billion from $1.78 billion. This shows growing trader confidence. The share of long positions increased to 51.31%, up from 47.06% earlier in the week. These trends suggest that traders expect ADA’s price to rise soon.
