ADA On Monday, the price consolidated around $0.20, with a cumulative decline of over 8% in the preceding week. Although the price has temporarily held above the key support level, there is a mismatch between derivative positions, funding rates, and large sell order signals, so the market remains cautious about the subsequent direction.
The long-short ratio still favors the bears.
CoinGlass Data shows that the ADA long-short ratio is approximately 0.91, which is close to the lowest level of the past month. When this indicator is below 1, it usually indicates that there are more short positions than long positions, reflecting that derivatives traders remain relatively conservative about the future market.
However, on Monday, the ADA funding rate turned positive, at 0.0052%. This means that the long positions are now paying a fee to the shorts, which usually indicates that some traders are betting on a price recovery.
Large sell orders are suppressing the upward trend.
The market summary for CryptoQuant mentions that large whale orders appeared in the ADA futures market, but overall, the market is still dominated by sell orders. The trading activity in both the spot and futures markets is also on the rise, indicating that the competition around the $0.20 price level is intensifying.
In this case, if the buying pressure is unable to sustain the current level, price fluctuations may further intensify. Especially when large selling orders still prevail, the pressure below ADA has not been completely relieved.
$0.20 marks a short-term watershed
As of Monday, ADA was trading at $0.207, slightly above the 50-day and 100-day moving averages, which are around $0.199 and $0.200 respectively. This has prevented the short-term trend from weakening further for the time being.
From above, $0.213 is the first resistance level in recent times. If it continues to break through this level, the market may test $0.231. Higher resistance levels are found at $0.236, near the 200-day moving average of $0.240, and at $0.245.
From a downward perspective, once the range of $0.199 to $0.200 is lost, ADA may first fall back to $0.195. If the selling pressure continues to increase, subsequent support levels will move down to $0.173 and $0.150.
- Current price is approximately $0.207.
- The key support level is between $0.199 and $0.200.
- The first resistance level above is at $0.213.
