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XRP Analysis of Cardano (ADA) price changes: Long signals in the RealFi main online line and derivatives market
Summary of core points:
- Driven by RealFi main online line, Cardano (ADA) rose nearly 10% on Monday to hit US$0.273.
- Open interest in futures increased 15% to US$614.98 million, indicating growth in long positions.
- In the past 30 days, ADA has risen 27%, outperforming Ethereum and Solana.
- The market is closely watching the support area of US$0.260, and the next target points to US$0.30.
Price movement and market background
During Monday's trading session, Cardano's native token ADA price rose to US$0.273. The increase has been close to 10% in the past 24 hours and builds on yesterday's 6% gain. This strong performance made ADA one of the top gainers among major cryptocurrencies during the trading window. During the same period, Bitcoin remained above US$85,700, Ethereum traded above US$2,730, and XRP remained above US$1.520. Against the background of relatively flat fluctuations in the entire cryptocurrency market, Cardano's upward trend is particularly eye-catching.
Catalyst for soaring prices
The price increase coincides with the time point when RealFi activated its main network on October 3. RealFi is a real-world asset (RWA) platform, and the project has received investment support from Charles Hoskinson. This development provides market participants with a concrete fundamental catalyst that transcends ordinary cryptocurrency market dynamics. The launch of the project provides a practical case for direct integration into Cardano's blockchain infrastructure.
In addition, market observers are also paying attention to the TOKEN2049 Singapore conference (October 7 - 8) that Cardano plans to attend. Such high-profile industry gatherings often increase attention to the valuation of tokens in participating projects. Despite the community's previous rejection of a proposal for a Cardano Summit funding pool, the ADA has achieved a 27% revenue growth in the past 30 days.
Network indicators also showed signs of improvement. The total locked value (TVL) based on the Cardano agreement expanded by 20% in five days, in part due to the FluidTokens incentive program attracting funding through a 6% ADA yield through December 31.
Technical Analyst Opinion
Technical analyst Lucky (@LLuciano_BTC) commented on the price trend, believing that ADA is "setting the tone for another parabolic rally." This observation reflects traders 'optimism about the token's recent momentum.
Derivatives market shows increase in long positions
According to CoinGlass, open interest in ADA futures increased 15% in 24 hours to climb to $614.98 million. Open interest represents the total value of all open futures contracts. At the same time, positive funding rates have emerged. Under these conditions, traders holding long positions are required to pay fees to traders holding short positions, indicating increased demand for bullish exposure.
In terms of monthly performance, Cardano outperformed other leading blockchain tokens. During the same period, ADA rose 27%, while Ethereum rose 10%, and Solana rose 17%. However, trading volumes on the Cardano Decentralized Exchange (DEX) showed the opposite trend. According to DefiLlama data, trading volume fell from $11.74 million on October 1 to $5.72 million on October 5.
Technical Analysis and Key Points
At the current price level of US$0.2718, the ADA remains above US$0.2632, which is a Fibonacci retracement level calculated based on the decline of US$0.3136 to US$0.1385. If the daily close continues to be above this technical mark, it could push the price towards $0.30 and then test closer to the previous high of $0.3136.
Broader forecasts point to $0.3916 as a potential target price, but this is a long-term rather than a short-term target. For the downside risk scenario, the 200-day exponential moving average (EMA) near $0.2472 constitutes the initial support area. Below this threshold, market participants focus on $0.2328, with additional support levels including $0.2260 and a 50-day exponential moving average at $0.2244. These price levels have historically attracted buying pressure.
As of October 5, ADA remains above its recent technical support level in the context of the activation of the RealFi main network and expected participation in the TOKEN2049 Singapore Conference.
