- Cardano (ADA) trades above $0.90. Traders expect a triangle breakout.
- Charles Hoskinson backs Ergo with a partner chain. Open Interest and long positions are rising.
Cardano (ADA) continues to show steady upward movement, trading above $0.90 on Friday, as traders anticipate a potential breakout from a symmetrical triangle pattern. Recent data indicates growing bullish sentiment, supported by increasing long positions and surging Open Interest in ADA derivatives.
Charles Hoskinson Supports Ergo With Partner Chain Proposal
Amid recent controversies surrounding the HTX delisting, Cardano founder Charles Hoskinson extended support to Ergo, a Proof-of-Work blockchain. According to an X post by Ergo, HTX requested $100,000 in marketing fees, which the project refused to pay, resulting in delisting.
In response, Hoskinson proposed the development of a partner chain to integrate Ergo with Cardano’s infrastructure. This partnership could enable merged mining, faster transactions, and dual rewards for miners, potentially benefiting both ADA and Ergo. ADA also saw a 3.81% price rise on Wednesday, highlighting market optimism.
We badly need more liquidity on DEXes. I know all too well how CEXs treat smaller crypto projects and the tactics they use. Only decentralization can truly solve this problem.
Ergo is a spiritual successor to Bitcoin and deserves so much more love and respect than it gets. From… https://t.co/YJl7HWBXSI
— Charles Hoskinson (@IOHK_Charles) September 17, 2025
Bullish ADA Bets Gain Traction
Market data suggests traders are increasingly confident in ADA’s near-term prospects. CoinGlass reports that ADA’s Open Interest (OI) surged to $1.87 billion from $1.78 billion the previous day, signaling heightened capital inflows in ADA derivatives.
Additionally, the Taker buy/sell volume shows long positions rising to 51.31% from 47.06%, confirming a risk-on sentiment among traders.
ADA Recovery Challenges Triangle Resistance
Cardano’s price is gradually climbing for the fourth consecutive day, surpassing the 200-day Exponential Moving Average (EMA) and the 50% retracement level from its December high of $1.3264 to June low of $0.5100. ADA is now approaching the overhead trendline of the symmetrical triangle near $0.95.
A decisive close above this level could confirm a breakout, targeting the 61.8% Fibonacci retracement at $1.0145. The Relative Strength Index (RSI) sits at 60, signaling rising buying pressure, while the MACD shows a steady uptick, suggesting strengthening bullish sentiment.
However, a failure to break above $0.9182 could result in a pullback toward the 50-day EMA at $0.8472, indicating potential short-term risks.
Cardano’s steady recovery, coupled with supportive developments like the Ergo partner chain, positions ADA for a possible breakout, with traders closely watching the triangle pattern for confirmation.
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