Cardano Consolidates After Strong Rally, Bullish Sentiment Remains

Cardano's price has been experiencing consolidation after a significant 11% gain in the previous week, trading at around $0.260 on Monday.

The mixed derivatives and on-chain metrics indicate cautious sentiment among traders, but the technical outlook remains bullish.

A look at derivatives data from Coinglass shows a long-to-short ratio of 0.63, which is near its lowest level over a month. This indicates bearish sentiment as traders bet that prices will fall.

However, Cardano's funding rate has flipped positive, reading 0.0050% on Monday, indicating bullish outlook for the asset.

This divergence suggests mixed sentiment among derivatives traders with no clear directional conviction.