Cardano's ADA token is trading around $0.2743, down 2% in the past 24 hours and stuck below the 100-day exponential moving average at $0.2870. The broader technical picture looks fragile, and futures market data suggests traders are betting on more downside.
Bearish Signals in Futures Market
ADA futures are flashing red. The funding rate — the periodic payment between long and short positions — has turned negative at -0.0018%, meaning shorts are paying longs to stay short. The long-to-short ratio sits at 0.7212, a clear sign that bearish bets outweigh bullish ones. Even so, open interest jumped over 4% in 24 hours to $596.40 million. That rise in open interest alongside a negative funding rate hints that new money is mostly piling into short positions.
Key Technical Levels to Watch
The token faces immediate resistance at the 100-day EMA of $0.2870. Above that, the 200-day EMA at $0.3696 looms as a tougher barrier. On the downside, the 50-day EMA at $0.2603 is the first real support. A daily close below that level would confirm the bearish trend has resumed. For now, price is hovering in a tight range, unable to break above either moving average.
Weakening Momentum Indicators
Momentum is fading. The MACD histogram bars are contracting, a sign that bullish pressure is ebbing. The relative strength index slipped to 59, down from overbought territory but still above neutral. On the 4-hour chart, the structure remains bearish and efficient, with price capped below the 100-day EMA. Traders are watching to see if ADA can hold the $0.2603 level or if the next leg lower begins.
