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The crypto market is trading relatively quiet amid the holidays as investors readjust positioning at year-end.
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.
Cardano reversed a three-day drop from Dec. 23, now trading in the green as buyers bought the dip.
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.
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.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team