Cardano Jumps 52,077% in Futures Activity in Holiday Trading, What's Going On?

Cover image via U.Today 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. Read U.TODAY on Google News The crypto market is trading relatively quiet amid the holidays as investors readjust positioning at year-end. Advertisement Despite lighter volumes seen for most crypto assets during holiday trading, Cardano has increased 52,077% in futures activity on major crypto exchange Bitmex. According to CoinGlass data, Cardano's futures volume on Bitmex in the last 24 hours came in at $129.12 million, representing a 52,077.75% increase. HOT Stories Morning Crypto Report: Legendary Trader Speaks out on $24,111 Bitcoin Anomaly on Binance, Cardano's Hoskinson Calls out New Project and Brings up XRP, Dogecoin (DOGE) Posts 'Naughty List' CZ Reacts to Trust Wallet Hack. Are Funds SAFU? Crypto Market Prediction: Is Shiba Inu (SHIB) Saved? XRP Can Enter New Year With Bull Run, Bitcoin (BTC): There's a Problem Biggest-Ever Bitcoin Options Expiry to Take Place Tomorrow Cardano reversed a three-day drop from Dec. 23, now trading in the green as buyers bought the dip. Advertisement At press time, ADA was up 1.54% in the last 24 hours to $0.355, but down 3.04% weekly. Cardano has spent weeks trending downwards, frustrating bulls. On the other hand, it seems the forces shaping the next move are quietly shifting beneath the surface. The current price action on the markets suggests investors are reassessing risk appetite. However, a few overlooked signals on the market might be converging unusually, 10x Research noted in its recent analysis. The market may be far closer to an inflection point than price action alone suggests, the analysis indicated. Advertisement Price targets Cardano began to drop in December from a high of $0.484 on Dec. 9. Bulls' attempt to halt the downtrend stopped short at a high of $0.38 before ADA price started falling again. Cardano turned down from the $0.3812 level on Dec. 22, indicating that the bears are attempting to flip the $0.38 level into resistance. Sellers will attempt to resume the downtrend by pulling the Cardano price below $0.34. If they do that, ADA price could drop to $0.30 and, after that, to the Oct. 10 low of $0.27. This bearish view will be invalidated in the short term if the price turns up from the current level and breaks above the daily moving averages 50 and 200 at $0.436 and $0.669. ADA could then rally to $0.70, which is likely to act as a major hurdle. #Cardano News #Cardano #Cryptocurrency