- Next major move awaited
- Key date emerges for Cardano
Cardano has seen a significant jump in futures volume on the Bitmex exchange, even as broader activity stays muted in anticipation of the next move on the crypto market.
According to CoinGlass data, Cardano has surged 5,310% in futures volume on the Bitmex crypto exchange, reaching $64.64 million.
Despite this surge, Cardano’s open interest has declined 8.44% in the last 24 hours to $791 million. This coincides with a drop in the market, with several cryptocurrencies marking declines in open interest.
Open interest indicated the total number of futures or options contracts on the market, often a measure of the amount of money invested in derivatives at any given time.
Cryptocurrencies fell after a key crypto market structure bill stalled in the U.S. Senate, further cooling sentiment after a recent rally.
More than $240 million were liquidated across the crypto markets over the past day, according to CoinGlass, with long positions accounting for about $180 million of this figure.
Next major move awaited
At press time, Cardano was down 3.86% in the last 24 hours to $0.39 and down 0.31%.
As the market pauses to assess the next move, analysts spot a pattern on the Cardano charts that might yield a 32% price increase if validated.
According to Ali Charts, Cardano could be forming a cup-and-handle. The analyst highlighted this pattern might be forming on the four-hour chart, adding that a break above $0.423 could open the door to $0.517.
Key date emerges for Cardano
CME Group is set to introduce futures contracts for major cryptocurrencies, including Cardano, reflecting increased demand for regulated altcoin risk-management tools.
The new futures contracts0 which are in micro and standard sizes, are set to launch on Feb. 9, pending regulatory approval.
In separate news, ProShares has filed for a Cardano futures ETF following Cyber Hornet’s S-1 filing this week for a Crypto 10 ETF, which would provide exposure to major cryptocurrencies, including Cardano.
Source: https://u.today/cardano-rockets-5310-in-futures-activity-as-markets-await-next-move
