Crypto
ADA Price Slides Towards Critical Support Amid Bearish Derivatives Market
Cardano's ADA has been struggling to maintain its value, trading at $0.205 as of this writing and down -4% on the day.
This decline comes despite a significant move just six days ago that saw ADA rise from $0.1936 to $0.2320.
However, the current price action is now facing crucial support at $0.2, which has not been lost since September 1st.
The derivatives market is also painting a bearish picture, with CoinGlass' long-to-short ratio sitting near a one-month low of 0.91 and funding rates turning negative.