Bears maintain control for ADA as mixed derivatives signal market uncertainty
Key takeaways
- Cardano (ADA) is trading below $0.168 after being rejected at the 50-day EMA.
- Derivatives data presents mixed signals, with the long-to-short ratio remaining bullish while funding rates have turned negative.
- Large Cardano whales have accumulated approximately 120 million ADA since Monday.
Cardano (ADA) extended its losses on Friday, trading below $0.168 after buyers failed to overcome resistance at the 50-day Exponential Moving Average (EMA) earlier in the week.
Although some large investors continue accumulating ADA, mixed derivatives data and subdued technical indicators suggest the market remains uncertain about the cryptocurrency's next major move.
Derivatives data reflects divided trader sentiment
Cardano's derivatives market is sending conflicting signals. According to CoinGlass data, ADA's long-to-short ratio stood at 1.07 on Friday.
A reading above one indicates that more traders are positioning for price gains than declines, reflecting a modest bullish bias among leveraged traders.
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