Cardano is trading near $0.27 as open interest fell from about $1.6 billion to roughly $334 million, signaling a sharp exit by leveraged traders. The decline suggests positions have been closed in size rather than rolled into new bets. Binance’s share has dropped to 22%, while Gate.io now holds the largest slice at 31%. The strongest rally phase coincided with rising Binance derivatives dominance, and price strength cooled as that dominance faded.
On the chart, the trend still points lower, with recovery attempts capped by ADA trading below the 100-day moving average. The $0.32 region has been rejected on every push, underscoring a crucial resistance level. A pattern of lower highs and lower lows characterizes the daily structure. The token has lost about 31% over the past month and remains near levels last seen in mid-2023.
ADA sits near the lower Bollinger Band, with subdued volatility indicating a steady distribution rather than a washout. The $0.27 area, once a demand zone, is being tested again with less follow-through from buyers. As long as ADA remains below $0.30, downside risk stays in focus, and the RSI remains below 40 with no bullish divergence. Any meaningful upside would require a break above the 100-day average on high volume, with next support near $0.24–$0.25.
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