Cardano Bulls Face Cautious Sentiment as ADA Tries to Hold Ground
Cardano (ADA) is trading around $0.222 on Monday after rallying over 15% last week, but mixed derivatives data and mildly bullish on-chain metrics indicate cautious market sentiment.
The Cardano long-to-short ratio on CoinGlass reads 0.94 on Monday, reflecting bearish sentiment as more traders are betting on ADA to fall. However, funding rates point to a strengthening outlook, with the OI-weighted funding rate data for Cardano flipping positive on Saturday and reading 0.0097% on Monday.
CryptoQuant's summary data shows mild optimism, with large whale orders in futures markets, while other metrics remain neutral. The Relative Strength Index (RSI) is hovering near 61, suggesting firm positive momentum, and the Moving Average Convergence Divergence (MACD) line has turned marginally positive.
Initial support appears at $0.213, with stronger demand bands below. On the topside, immediate resistance aligns with the 61.8% Fibonacci retracement at about $0.231, followed by a horizontal cap near $0.236 and the 200-day EMA around $0.243.