Cardano Resumes Push for $1, Here Are Key Metrics to Watch
2025-01-29
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Cardano ADAUSD has continued to fight to hit the $1 level. The momentum on the market has pushed Cardano to rank as the 9th-biggest cryptocurrency by market capitalization, currently valued at $33 billion.
Key Cardano metrics to watch
The ADA price was trading at $0.94, down 1.45% in the last 24 hours, per CoinMarketCap data. The daily price chart shows that ADA traded at $0.85 lows and highs, reaching $0.98 before consolidating at the current level.ADA 1D Price Chart. Source: CoinMarketCap">
The 24-hour trading volume is down over 24% to $743.5 million. This decline suggests waning investor activity in Cardano, but it is consistent with a general crypto market downturn.
Top altcoins like Ethereum ETHUSD, Solana SOLUSD and XRP have all lost a substantial amount of their recently acquired gains. This means ADA could see movement toward the upside when the market gains momentum.
Meanwhile, ADA Open Interest (OI), another important metric, has decreased by 2.16% to $1.18 billion, according to CoinGlass. Open interest reflects the number of contracts traders hold in active positions ready for trading. This downturn shows a cool-off after an epic open interest surge on Jan. 28.
The decline in ADA open interest could indicate that traders are exiting the market. However, it could also signal a potential price reversal for ADA.
Cardano Plomin hard fork upgrade and ADA ETF
According to a recent U.Today report, Cardano is moving closer to implementing the Plomin upgrade. The network has satisfied all required thresholds for the Plomin mainnet hard fork governance, including SPO and ICC votes and the SPO upgrade. The Plomin hard fork is a key upgrade for Cardano, enabling full decentralized governance.
In addition to this upgrade, there are rising speculations about potential ADA Exchange-Traded Fund (ETF) approval. This comes after Tuttle Capital Management filed for a 2X leveraged ETF for Cardano. This ETF aims to increase returns by tracking an asset's price movement through debt and derivatives.