Cardano Price Stalls at $0.20 as Bears Gain Momentum

Cardano's (ADA) price has stalled at $0.20 after its recent rebound, raising concerns of a deeper pullback.

The cryptocurrency gained around 25% during its recovery, but weakened derivatives data and bearish price action are now threatening to send ADA lower.

The launch of Cardano's Inter-Blockchain Communication (IBC) connection with Injective on Monday was seen as a major catalyst for the recent rally, but demand has since weakened.

ADA's Open Interest fell by around 6.5% over the past 24 hours to $505 million, indicating that traders are reducing their exposure and bearish bets are gaining momentum.