Cardano Price Tumbles Under Pressure from Bearish Metrics and Middle East Tensions
Cardano (ADA) has been under pressure following its over 15% decline last week, trading near the key support level of $0.191 on Monday.
Bearish derivatives metrics are contributing to this downward trend, with a negative funding rate and rising short bets indicating a bearish outlook.
The long-to-short ratio for ADA has fallen below one, reflecting bearish sentiment in the market as more traders bet on the Cardano price to fall.
Additionally, the risk appetite has been dampened by fresh tensions in the Middle East, prompting traders to price in the geopolitical risk premium again and favoring the US Dollar (USD) over risky assets like Cardano.