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.
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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 news
Cardano has welcomed a new node release: cardano-node 10.5.4. This release provides a number of important enhancements to the networking layer that will improve node resilience and robustness.
In the past week, Volatility Shares Trust filed N-1A for 3 Cardano $ADA ETFs. The filing includes Cardano ETF, 2x leveraged Cardano ETF and 3x leveraged Cardano ETF.
Major crypto exchange Coinbase is set to launch perpetual-style futures on the COIN50 index for U.S. traders. COIN50 tracks the top 50 largest and most liquid digital assets by market cap. Cardano ADA has the seventh largest allocation in the index at 0.97%.
Cardano ADA futures is launching on derivatives marketplace CME group today, Feb. 9.
Source: https://u.today/cardano-futures-explode-3239985-as-open-interest-falls-whats-next
