Cardano (ADA) has managed to sustain its crucial support level while other altcoins have experienced a crash in the market. Despite a recent plunge in price, Cardano has shown potential for a bounce back. However, there are concerns about potential bearish crossovers in the technical indicators, indicating a potential steeper correction. On the positive side, the United States Securities and Exchange Commission (SEC) has acknowledged a Cardano ETF filing, which may contribute to a bullish reversal. The derivatives market for Cardano has seen a decrease in open interest but an increase in funding rate. The long-to-short ratio remains bearish, although top traders on Binance and OKX are showing high optimism for Cardano.



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