Cardano Futures Explode 32,399.85% as Open Interest Falls, What's Next?

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Cardano is trading in red, witnessing an open interest drop as the broader crypto market faces selling on Monday. Meanwhile, its futures volume has risen 32,399.85% on the Bitmex crypto exchange in the last 24 hours, coming in at $106.53 million, according to CoinGlass data. After a brief rebound toward the weekend, the broader crypto market saw profit-taking, with the majority of crypto assets sustaining losses at press time. Cardano was trading down 2.65% in the last 24 hours to $0.2666. In line with this, traders seem to be adjusting their positioning across the market, which might explain the surge in futures volume on Bitmex, a major derivatives exchange. ADA's open interest has rather declined in line with the market drop, down 3.7% in the last 24 hours to $422.75 million, according to CoinGlass data. Cardano remains down 8% weekly, having failed to sustain a recovery after last week's massive sell-off, which saw billions of dollars in liquidations. The cryptocurrency rose on Friday to reach $0.284, but it could not sustain its climb and started declining thereafter. The daily RSI stays in the negative, at 33, suggesting an advantage to sellers. If the current declines continue, ADA might eye support in the $0.20 range. If the market reverses, the next major short-term barrier for ADA is at $0.353, which coincides with the daily MA 50. Cardano has welcomed a new node release: cardano-node 10.5.4. This release provides a number of important enh...