Crypto
Cardano Slumps Under Pressure as Bearish Sentiment and Geopolitical Tensions Bite
Cardano's price continues to struggle, hovering around $0.191 on Monday after a significant loss of over 15% last week.
The bearish sentiment in the market is evident from derivatives metrics, which show a long-to-short ratio of 0.92, indicating more traders are betting on a decline in Cardano's price.
The funding rates have also flipped negative, with CoinGlass' OI-Weighted Funding Rate data reading -0.0001%, suggesting shorts are paying longs and reinforcing bearish sentiment.
The current geopolitical tensions surrounding the Middle East crisis have contributed to a risk-off sentiment in the market, favoring the US Dollar (USD) and weighing on risky assets like Cardano.