Cardano Price Breakout Hinges on Inflation Reports
Cardano's price has been stuck in a narrow range above $0.2132, but analysts say it could break out this week or next due to upcoming inflation reports. According to a trader cited by Cheeky Crypto Unfiltered, the weekly RSI for ADA has fallen to one of its lowest readings in eight years, similar to conditions before major price moves.
The analyst notes that Cardano is returning to a significant historical support zone, which could be a bullish sign. Additionally, total crypto open interest is around $140 billion, lower than the peak of $220 billion seen in December 2024, according to LuckSide Crypto.
However, not all signs are positive for ADA. The token's DEX volume has not tripled as previously claimed, but its DeFi TVL has grown to $65.33 million, close to the network's stablecoin market cap of $66.84 million.