Fed Decision Looms as Cardano Stuck Below Major Moving Averages

Cardano's price has been stuck below major moving averages and flashing bearish derivatives signals, making its future uncertain.

The cryptocurrency is trading at around $0.165 on July 28, roughly 95% below its all-time high of $5.6 billion.

The Federal Reserve's two-day meeting, which began on July 28, could have a significant impact on Cardano's price, but experts warn that even a dovish surprise may not be enough to bail out ADA holders.

Analysts point to the derivatives data, which shows a long-to-short ratio of 0.82 and negative funding rates, indicating that more traders are betting on a drop than a bounce.