Why Cardano Price May Not Touch $1 This September

Cardano’s price has been under pressure in recent sessions, shedding 12% of its value over the past seven days. 

With on-chain and technical indicators pointing to waning interest in the altcoin, the $1 price level may remain elusive in the near term. 

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ADA’s $1 Recovery Looks Unlikely Amid Falling Interest

An assessment of ADA’s derivatives market shows a sharp decline in its futures open interest in the past few days. This reflects a pullback in trading activity among market participants. According to Coinglass, this stands at $1.50 billion, down 23% since September 14. 

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Open interest represents the total number of outstanding derivative contracts that have not been closed or settled, offering insight into market participation. When it rises, new positions are being added, signaling strong momentum in the market.

Conversely, falling open interest suggests traders are exiting positions or reducing exposure, which points to weakening activity. 

ADA’s falling open interest means that trader engagement is dropping, making it harder for the coin to stage a strong recovery and rally toward the $1 price mark in the near term.

Moreover, readings from the ADA/USD one-day chart reveal a decline in the coin’s Choppiness Index. At press time, it is pegged at 48.36. 

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This indicator helps traders determine whether a market is consolidating or trending. A decreasing index suggests that the market is exiting a consolidation phase and entering a more decisive, directional move. 

Given that ADA’s price trend is already downward, the falling index confirms that bearish momentum is intensifying, putting its price at risk of new lows.

Cardano Eyes $1, But Bears Keep $0.76 in Play

With declining futures activity and a falling Choppiness Index signaling a strengthening downtrend, ADA’s $1 target looks increasingly unlikely. In the meantime, if selloffs continue, the altcoin could slip toward $0.763. 

On the other hand, if buying activity resumes and sentiment improves, ADA could regain its strength and attempt to break the resistance at $0.84. 

If successful, the breakout could open the door for a further rally to $0.92, pushing Cardano’s price closer to the $1 mark.