Cardano's Price Under Pressure as Traders Bet on Further Decline

Cardano's price remains under pressure, currently trading at $0.165 on Monday after mild losses in the previous week. The asset is facing bearish sentiment among traders, as shown by derivatives data from CoinGlass. The long-to-short ratio for ADA reads 0.82 on Monday, nearing its lowest level over a month.

This indicates that short positions are paying off and signaling a negative outlook. Furthermore, the funding rates have also turned negative, reading -0.008 on Monday, which means shorts are profiting at the expense of longs.

The price is currently below key Exponential Moving Averages (EMAs), with the 50-day, 100-day, and 200-day EMAs clustered between $0.180 and $0.270. The Relative Strength Index (RSI) sits just below the neutral band at around 47, suggesting subdued momentum.

The Moving Average Convergence Divergence (MACD) indicator edges closer to the signal line with a small positive reading, indicating only modest recovery attempts within a broader downtrend. Initial resistance is seen at the 23.6% Fibonacci retracement at $0.173, closely followed by the 50-day EMA around $0.175.