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06/20 06:51

Cardano’s bearish pressure persists amid weak deri

#World Cup Predictions: 100,000 USDT Daily Cardano’s bearish pressure persists amid weak derivatives and on-chain data Cardano ($ADA) continued its downward trajectory on Friday, trading below $0.165 and posting losses of more than 2% in the last 24 hours. The cryptocurrency remains under pressure, as weakening derivatives activity and negative on-chain indicators suggest further downside in the near term. Bearish derivatives data reflect growing market caution Market sentiment surrounding Cardano remains fragile, with derivatives metrics highlighting a growing bearish bias among traders. According to CoinGlass data, $ADA’s long-to-short ratio fell to 0.96 on Friday, approaching its lowest level in over a month. A ratio below 1 indicates that short positions outweigh long positions, suggesting that a majority of traders are positioning for additional price declines. Further reinforcing the negative outlook, Cardano’s futures Open Interest (OI) declined to $348 million. Although OI experienced a modest recovery in mid-June, it has generally trended lower since mid-May. Falling Open Interest typically signals reduced investor participation and weaker conviction, often accompanying bearish market conditions. On-chain metrics also paint a challenging picture for Cardano. Data from Santiment shows that Cardano’s Network Realized Profit/Loss (NPL) indicator plunged sharply on Wednesday, indicating that investors were locking in losses rather than profits. Such activity is commonly associated with panic selling and market capitulation, reflecting a deterioration in short-term sentiment. However, capitulation phases can sometimes signal that selling pressure is nearing exhaustion. A similar pattern emerged during the market downturn in mid-April, when $ADA eventually staged a modest recovery after a wave of loss realization subsided. A sustained rebound would still require renewed buying interest to offset the prevailing bearish momentum. Cardano price outlook:

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