ADA Tests $0.75 Support as Open Interest Falls 9.5%
ADA first broke out of a multi-month bull pennant on the 2-day chart, flipping $0.85 resistance into support and climbing over 15% to $0.8635. On the broader 2023 ascending channel, ADA’s structure has historically driven 200–300% rallies.
Recently, ADA futures open interest fell from a record $1.7 billion to $1.53 billion, and options volume plunged 92.9%, triggering a 10.2% intraday drop to $0.82. The $0.75 support level—aligned with the 20-day Keltner Channel baseline and former resistance—now marks a critical line in the sand.
Holding ADA above $0.75 could enable a retest of the $1.00 range, aided by its position above the 50-day moving average and a daily RSI near 63. A break below this level risks a slide toward $0.70.
Meanwhile, ADA traders are adopting Best Wallet, a self-custody tool that offers $BEST token presales and gas fee optimizations. Passage of the US Genius and Clarity Acts further underlines regulatory clarity, potentially attracting larger capital inflows into ADA and the broader crypto market.
Bearish
The near-term drop in ADA’s price and open interest indicates waning bullish conviction, highlighted by a 10.2% intraday sell-off. The $0.75 support level is crucial; its failure would likely trigger further declines toward $0.70. Although technical factors like the 50-day moving average and RSI suggest oversold conditions, the sharp pullback in derivatives activity signals bearish sentiment. Long-term upside remains tied to the established ascending channel and regulatory catalysts, but traders should prepare for potential short-term weakness.