Cardano (ADA) is trading around $0.45 amid a sustained bearish trend that has weighed on the token since July, when it peaked at $1.02.
The asset remains above its immediate support at $0.45, a level bulls are defending, while trading below major moving averages.
This price action underscores the challenges ADA faces in restoring upside momentum.
Derivatives data show Cardano’s futures market remains subdued since the October 10 flash crash, which liquidated over $19 billion in crypto assets in a single day.
CoinGlass data indicate Open Interest averages about $638 million on Tuesday, down from a peak of $1.95 billion in mid-September and far below the levels seen before the crash.
The OI-Weighed Funding Rate has risen to 0.0076%, signaling an increase in risk appetite as traders tilt toward long positions.
As traders pile into long positions in ADA, the funding metric reflects a shift in sentiment that could support a near-term rebound.
The RSI sits around 29 on the daily chart and appears to be stabilizing, which may help reinforce the bullish case.
However, ADA remains below the 50-day EMA at $0.62, the 100-day EMA at $0.68, and the 200-day EMA near $0.72, underscoring the broader bearish backdrop.
The MACD continues to show a sell signal, highlighting ongoing selling pressure.
If buying pressure persists, ADA could target the $0.62 area, offering a potential entry for bulls if the support at $0.45 holds.
Otherwise, the long-run momentum may remain skewed to the downside until a more decisive breakout occurs.
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