Cardano Price Holds Steady Near $0.81 After Recent Drop
Cardano (ADA) price is steady around $0.81 on Friday. It has fallen more than 3% this week. Data from on-chain and derivatives markets suggest a possible correction. Profit-taking is rising, while bearish bets on ADA are at their highest level this month. Technical indicators also show weakening momentum, hinting at a downward trend.
Profit-Taking and Bearish Bets Reach Monthly High
Santiment’s Network Realized Profit/Loss (NPL) metric shows Cardano holders are booking profits this week. On Thursday, the NPL metric spiked to its highest point since September 23. This means many holders are selling their ADA at a profit, increasing selling pressure.
On the derivatives side, CoinGlass reports the ADA long-to-short ratio at 0.81 on Friday. This is the highest level in over a month. Since the ratio is below one, it signals more traders expect ADA’s price to fall.
Cardano Price Outlook: Weak Momentum and Possible Further Drop
Cardano failed to hold support at $0.84 on Tuesday and dropped nearly 6%. It closed below the 61.8% Fibonacci retracement level at $0.82. ADA recovered slightly on Wednesday but faced resistance the next day. On Friday, ADA trades near $0.81.
If ADA breaks below its ascending trendline, the price could fall further toward the next support at $0.70. The Relative Strength Index (RSI) is at 45, below the neutral 50, showing growing bearish momentum. The MACD indicator gave a sell signal on Thursday, suggesting a possible downtrend.
However, if ADA rises above $0.84 and holds, it could rally toward the key psychological level of $1.
