Cardano's open interest has remained static between $0.68 and $0.447, showing limited speculative activity. Despite this, buyers aim to drive the value towards higher resistance, hoping the token will eventually break out at $1. Both Fibonacci and the 1-day RSI are bearish, with the latter providing a reading of 35, suggesting a possible further decline in ADA's value.

The CMF indicator points to potential buying pressure in the market, following Cardano's attempt to test the $0.52 resistance level. Despite these efforts, the bulls have faced resistance and will hold their ground.

ADA has seen a 2.07% increase in the last 24 hours, reflecting positive market sentiment despite a 33.83% decrease in 24-hour trading volume. Its market cap may soon rise above $16 billion. ADA is currently priced at $0.4529, and predictions suggest the token could reach $0.97 by the end of 2024 or $0.64 by year-end.

This comes as the altcoin season is anticipated to begin in May 2024, with indications that it may have already started. Investors are exploring options beyond Bitcoin, which is trying to recover from its recent low of around $57,000, and is expected to climb to $73,000.

Meanwhile, ADA is preparing to test the $0.52 resistance level again. Key areas of interest for Cardano include the 23.6% Fib extension level and the $0.32 HTF level. The downward trend may be ending, as buyers monitor the situation for potential upward movement.

As of April 18, 2024, open interest dropped from $317 million to $157 million, with a recent stagnation at $161.25 million. April indicated a downward trend in spot market demand, and selling pressure persists, with analysts suggesting the indicator must stabilize to signal an end to this trend.

ADA's performance over the past seven days has been disappointing, with a 4.79% loss and a 23.14% decrease in the last 30 days. Despite these declines, Cardano remains one of the top ten cryptocurrencies worldwide by market cap, currently at $16.13 billion.