The $ADA price has climbed from $0.24 to $0.28, pushing above its 200-day EMA band and giving bulls something they have not had much of lately, visible momentum.
That move could extend toward $0.40 if the bullish momentum holds. But the derivatives data makes the story more interesting. This does not look like a straightforward short squeeze.
$ADA Price Gains While Open Interest Climbs
Santiment’s data shows $ADA rose roughly 10% between October 3 and October 5. Over the same period, open interest increased about 25% to $304 million, its highest daily close since at least early April.
