Cardano price forecast: Can ADA extend its recovery toward $0.245?
Key takeaways
- Cardano trades near $0.222 on Monday after rallying more than 15% last week.
- ADA's long-to-short ratio of 0.94 shows slightly more bearish than bullish positioning.
- Positive funding rates and large whale orders provide mildly bullish signals.
- The RSI and MACD indicate strengthening upside momentum.
Cardano holds gains following 15% weekly rally
Cardano (ADA) trades around $0.222 on Monday after gaining more than 15% last week.
Mixed derivatives data and mildly positive on-chain indicators reflect cautious sentiment among traders. However, strengthening technical momentum suggests ADA could extend its recovery if buyers overcome a cluster of resistance levels between $0.231 and $0.245.
The token currently trades above its 50-day and 100-day exponential moving averages, reinforcing its improving short-term outlook.
Cardano's derivatives market presents a divided picture on Monday. CoinGlass data shows ADA's long-to-short ratio at 0.94. A reading below 1 means short positions outnumber long positions, indicating that slightly more traders are betting on a price decline than an advance.
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