ADA Stablecoin Growth Hits Record High: Could Cardano Rally to $0.92?
- Cardano flipped positive on funding rates, showing traders are betting on price upside.
- Stablecoin market cap on ADA just hit an all-time high of $40.37M, boosting ecosystem activity.
- A bullish breakout pattern points to $0.92 short term, with $1.02 as the next major target if momentum holds.
Cardano has been clawing back momentum, trading just above $0.84 on Monday after bouncing cleanly off a crucial support zone last week. Traders are starting to lean bullish again, with funding rates flipping positive and stablecoin activity on the network hitting fresh highs. On top of that, ADA’s 4-hour chart flashed a bullish breakout pattern—hinting the rally may not be done yet.
Derivatives Market Turns in Favor of the Bulls
Data from Coinglass shows the tide has shifted. On September 2, Cardano’s OI-Weighted Funding Rate turned positive and has stayed there, reading 0.0079% as of Monday. That means longs are paying shorts, which usually signals traders are leaning into upside bets. Simply put, fewer people are betting on a drop while more are willing to ride the upside. It’s not a guarantee, but sentiment is clearly swinging toward the bulls.
Stablecoin Growth Boosts Network Strength
Another encouraging sign comes from Cardano’s stablecoin market. According to DefiLlama, ADA-based stablecoins reached a record $40.37 million in market cap on Sunday. It’s not massive compared to Ethereum or Solana, but for Cardano it’s a meaningful step. Stablecoins often drive network activity—more transfers, more users, more liquidity. The stronger that base grows, the healthier the ecosystem becomes.
Technical Breakout and What’s Next
On the charts, things look constructive. ADA broke out of a falling wedge pattern traced from mid-August, usually a bullish formation. At the moment it’s hanging near $0.84, and if momentum holds, the next target sits near the 61.8% Fibonacci retracement at $0.92. The RSI on the 4-hour sits at 58, just above neutral, while the MACD has already flashed a bullish crossover.
Looking at the daily view, ADA bounced hard off its 100-day EMA at $0.77 on September 1, gaining more than 4% since. If it can close consistently above $0.84, the next real test would be the August 14 high of $1.02. The RSI on the daily still shows indecision, hovering around 50, but fading bearish momentum on the MACD suggests the bulls might finally be gaining control.
The post ADA Stablecoin Growth Hits Record High: Could Cardano Rally to $0.92? first appeared on BlockNews.
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ADA Stablecoin Growth Hits Record High: Could Cardano Rally to $0.92?
- Cardano flipped positive on funding rates, showing traders are betting on price upside.
- Stablecoin market cap on ADA just hit an all-time high of $40.37M, boosting ecosystem activity.
- A bullish breakout pattern points to $0.92 short term, with $1.02 as the next major target if momentum holds.
Cardano has been clawing back momentum, trading just above $0.84 on Monday after bouncing cleanly off a crucial support zone last week. Traders are starting to lean bullish again, with funding rates flipping positive and stablecoin activity on the network hitting fresh highs. On top of that, ADA’s 4-hour chart flashed a bullish breakout pattern—hinting the rally may not be done yet.
Derivatives Market Turns in Favor of the Bulls
Data from Coinglass shows the tide has shifted. On September 2, Cardano’s OI-Weighted Funding Rate turned positive and has stayed there, reading 0.0079% as of Monday. That means longs are paying shorts, which usually signals traders are leaning into upside bets. Simply put, fewer people are betting on a drop while more are willing to ride the upside. It’s not a guarantee, but sentiment is clearly swinging toward the bulls.
Stablecoin Growth Boosts Network Strength
Another encouraging sign comes from Cardano’s stablecoin market. According to DefiLlama, ADA-based stablecoins reached a record $40.37 million in market cap on Sunday. It’s not massive compared to Ethereum or Solana, but for Cardano it’s a meaningful step. Stablecoins often drive network activity—more transfers, more users, more liquidity. The stronger that base grows, the healthier the ecosystem becomes.
Technical Breakout and What’s Next
On the charts, things look constructive. ADA broke out of a falling wedge pattern traced from mid-August, usually a bullish formation. At the moment it’s hanging near $0.84, and if momentum holds, the next target sits near the 61.8% Fibonacci retracement at $0.92. The RSI on the 4-hour sits at 58, just above neutral, while the MACD has already flashed a bullish crossover.
Looking at the daily view, ADA bounced hard off its 100-day EMA at $0.77 on September 1, gaining more than 4% since. If it can close consistently above $0.84, the next real test would be the August 14 high of $1.02. The RSI on the daily still shows indecision, hovering around 50, but fading bearish momentum on the MACD suggests the bulls might finally be gaining control.
The post ADA Stablecoin Growth Hits Record High: Could Cardano Rally to $0.92? first appeared on BlockNews.
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