CandleFocus

Cardano (ADA) Futures See Short Surge as Negative Sentiment Mounts

Cardano (ADA) Futures See Short Surge as Negative Sentiment Mounts
The recent stagnant price movement of Cardano (ADA) has caused an increase in demand for short positions among futures traders, indicating a bearish sentiment towards the coin. The Long/Short Ratio for ADA is at a monthly low of 0.82, suggesting a high demand for short positions. The Weighted Sentiment for ADA remains negative, further reinforcing the bearish outlook. ADA whales have also reduced their trading activity, with a significant drop in netflow. ADA is currently trading at $0.98, close to its support level of $0.90. If bearish pressure continues, the price may test this support and potentially drop to $0.80. However, if buying activity picks up, ADA's price could stabilize above $1.

Related News