Cardano Price Extends Recovery After 15% Weekly Rally
Cardano's (ADA) price has been on an upward trend after gaining over 15% last week, trading around $0.222 on Monday.
The token currently holds its gains above its 50-day and 100-day exponential moving averages, indicating a short-term improvement in outlook.
However, the derivatives market presents a mixed picture, with ADA's long-to-short ratio at 0.94, suggesting slightly more bearish positioning than bullish. Nevertheless, a positive funding rate and large whale orders indicate mildly bullish signals.
The Relative Strength Index stands near 61 on the daily chart, reflecting solid bullish momentum while remaining below the overbought threshold of 70. The Moving Average Convergence Divergence indicator has also turned marginally positive, signaling buyers are gradually gaining control.