ADA Eyes 50% Rally as OI Approaches $1B Amid Hoskinson’s Redemption Argument

By: bitcoin ethereum news|2025/05/14 21:15:05
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Cardano (ADA) price trades at $0.821 as it prepares for a major breakout rally to $1.137. The bullish odds are high as Charles Hoskinson boldly defended the redemption mechanism rumors. Additionally, the Open Interest (OI) has come close to hitting $1 billion, which shows investor interest is high. Will these conditions concoct a 50% rally for Cardano? Cardano Price Analysis Targets $1.17 Cardano price trades at $0.821 after surging by almost 2% this week and 19% last week. However, the ADA faces short-term resistance near $0.837, resulting in a consolidation stage. This hampers the inverted head and shoulders breakout rally seen on the 4-hour ADA chart. With a neckline overlapping the $0.75 zone, Cardano price action formed the bullish inverted head and shoulder pattern as marked in the technical chart. The 49.85% breakout target calculated by adding pattern’s depth to the $0.75 neckline coincides with the previous peak at $1.137. Hence, the $0.837 breakout could catalyze the next big move for the altcoin. Notably, a minor resistance is present at $0.983, an in-between peak reflecting volatility closer to the $1 psychological mark. Supporting the $1.17 price target, MACD and signal lines prepare for a positive crossover to restart an uptrend. Furthermore, the Relative Strength Index (RSI) momentarily dropped from overbought zone to halfway line, a bearish divergence resulting in the consolidation stage. However, the RSI takes a V-shaped reversal from the halfway line, suggesting resurfaced buying pressure. As the consolidation prolongs, the ADA price momentum trapped could be released on either side. If the $0.75 zone breaks, the breakout thesis will be nullified, suggesting a potential 20% drop to $0.647, followed by the next support at $0.60. Optimism Sparks as Open Interest Nears $1 Billion With the overnight recovery in Cardano, optimism surged in ADA futures. The OI jumps by 6.61% to reach $987 million, nearing the $1 billion milestone. Additionally, the funding rate spike to 0.0141% reveals the increased bullish activity. Hence, the derivatives traders are likely anticipating an uptrend continuation in ADA prices. Charles Doubles Down on Off-Chain Sweep Defence For Unredeemed Vouchers Boosting the optimism, Charles Hoskinson slams the rumors of unclaimed vouchers again. Initially, Charles explained the sweep of unredeemed Genesis UTXOs (voucher holders) as a crucial security and compliance step. As many original voucher buyers failed to redeem ADA, the process was moved from an “on-chain process” to an “off-chain sweep” to ensure reduced fraud risk. Finally, Charles added that proper communication was maintained with the unredeemed voucher purchasers. The wider community was kept out of the broadcast, as it would’ve increased the risk of scammers targeting the buyers. The bold and logical move was part of the Shelley upgrade. Frequently Asked Questions (FAQs) Cardano’s current price is $0.821, with a potential target of $1.137 based on the inverted head and shoulders pattern. The MACD and signal lines are preparing for a positive crossover, and the RSI has taken a V-shaped reversal from the halfway line, indicating resurfaced buying pressure. Open Interest has jumped 6.61% to $987 million, nearing the $1 billion milestone, and the funding rate spike reveals increased bullish activity. ✓ Share: Coingape Staff CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss. Source: https://coingape.com/markets/can-cardano-price-reach-1-17-hoskinsons-strong-stand-on-redemption-fuels-optimism/

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About WEEX

Founded in 2018, WEEX has developed into a global crypto exchange with over 6.2 million users across more than 150 countries. The platform emphasizes security, liquidity, and usability, providing over 1,200 spot trading pairs and offering up to 400x leverage in crypto futures trading. In addition to the traditional spot and derivatives markets, WEEX is expanding rapidly in the AI era — delivering real-time AI news, empowering users with AI trading tools, and exploring innovative trade-to-earn models that make intelligent trading more accessible to everyone. Its 1,000 BTC Protection Fund further strengthens asset safety and transparency, while features such as copy trading and advanced trading tools allow users to follow professional traders and experience a more efficient, intelligent trading journey.

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