Cardano Price Tumbles 15% to $0.19 Amid Middle East Unrest

Cardano's price plummeted over 15% last week to hit $0.19, amidst growing tensions in the Middle East that triggered a risk-off move across global markets.

Investors pulled out of crypto assets and sought safe havens like the U.S. dollar, leaving altcoins without significant buying support during Monday trading.

The derivatives data from CoinGlass shows a clear price risk for Cardano, with its long-to-short ratio falling to 0.92 - the lowest mark in over a month. A reading below 1.0 indicates that most traders expect lower prices, which is reflected in Cardano's funding rates turning negative to -0.0001%.

With short position holders now paying long traders to keep positions open, pressure on ADA's current price levels makes a quick rebound challenging to sustain.