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The crypto market is seeing mixed trading action on Tuesday as investors await further economic data and look ahead to the Federal Reserve’s interest rate decision.
Cardano is trading in red, down 1.27% in the last 24 hours and 3.24% weekly.
Despite this drop, Cardano's open interest has risen, coupled with a volume surge on a major derivatives exchange. According to CoinGlass data, Cardano's open interest rose 2.31% in the last 24 hours, reaching $660.19 million.
In this time frame, Cardano futures volume rose on the Bitmex crypto exchange by 9,695% to $136.80 million.
What's next for ADA price?
Cardano reversed its drop from the weekend on Monday, reaching a high of $0.358, but it could not sustain above here.
The $0.33 support remains a critical short-term level to watch out for. Buyers will have to push ADA above the daily MA 50 at $0.383 to signal strength. ADA might then target $0.50, a key resistance ahead.
If the ADA price continues to decline, it might target $0.33 next. Cardano might aim for $0.27 in the absence of a relief rally.
In Cardano news, Leios upgrade is progressing, completing 40% in current milestones. In the past week, 80 updates were published, while the latest simulation results showed a sustained throughput capacity of about 300 TxkB/s.
Fed rate decision in focus
This week, the Fed’s rate decision remains in focus, with the policy move expected to be announced on Wednesday afternoon.
Traders are widely expecting the Fed to keep its key rate unchanged at a target range of 3.5% to 3.75%, but they will be monitoring the press conference and comments from Fed Chair Jerome Powell subsequently for clues on future monetary policy.
Investors are also predicting two quarter percentage point cuts by the end of 2026, after the Fed cut rates three times in 2025.
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theblock.co