Cardano Price Faces Crucial Resistance Ahead

Cardano's price has been on a tear, surging more than 15% last week to around $0.222 on Monday.

The token's long-to-short ratio of 0.94 suggests slightly more bearish positioning among traders, but the difference between bullish and bearish bets remains relatively narrow.

Positive funding rates and large whale orders in ADA's futures market offer mildly bullish signals, while momentum indicators such as the Relative Strength Index and Moving Average Convergence Divergence are strengthening.

To extend its recovery, Cardano must clear a cluster of resistance levels between $0.231 and $0.245, which include the 61.8% Fibonacci retracement, horizontal resistance at $0.236, and the 200-day EMA around $0.243.