Cardano Price Teeters on Key Technical Level Amid Petrobras Report
Cardano's price prediction is in focus as the cryptocurrency hovers near a key technical level. According to Coin Gabbar, the 4-hour chart shows a setup that could swing hard in either direction. A recent report from Giannis Andreou on X claims that Brazil's state-controlled oil giant Petrobras is testing Cardano infrastructure to track green fuel certificates and trace renewable diesel. However, this is an unverified report, and the pilot is still in its early stages.
The current market price of Cardano is $0.2461, and it has been trading inside an ascending channel since the September 20 low area. A 4-hour close above $0.2656 would open the path to $0.3130 and then $0.4375. On the other hand, a 4-hour close below $0.2190 would point to $0.1908.
The open interest in Cardano is $530.78M, which is about 5.9% of the $9.05B market cap. The derivatives market is leading spot trading, which can speed up moves around $0.2656 and $0.2190.