Cardano dips below $0.19 as bearish derivatives data signals further losses

Key takeaways

• Cardano (ADA) trades around $0.188 on Tuesday after breaking below a key support zone, extending its recent decline.
• ADA funding rates have turned positive, suggesting some traders are still positioning for a potential recovery.
• ADA faces resistance between $0.215 and $0.218, while a prolonged decline could expose the $0.155 support level.

Cardano (ADA) remains under pressure on Tuesday, trading around $0.188 after losing an important support level in the previous session. 

The cryptocurrency has struggled to attract buyers, with weakening technical indicators suggesting that its recent correction may not be over.

Derivatives data also paints a mixed picture. While Cardano’s funding rate has returned to positive territory, its long-to-short ratio shows that bearish positioning remains dominant.

Meanwhile, on-chain and trading activity indicators point to continued selling pressure, leaving ADA vulnerable to further losses unless buyers can reclaim key resistance levels.

Cardano derivatives data ...