Cardano (ADA) is down 4% at press time on Monday, entering its third consecutive day of decline. The technical outlook remains bearish, with traders eyeing the key $0.2500 support level.
In the derivatives market, ADA futures Open Interest stands at $424.84 million, down 4.25% over the last 24 hours, signaling significant capital withdrawal amid risk-off sentiment. Total liquidations over the last 24 hours reached $1.86 million, driven largely by the forced liquidation of long positions. The funding rate has dipped to -0.0138%, indicating heightened interest in holding short positions.
Technically, ADA trades below the descending 50-period EMA at $0.2773 and the 200-period EMA at $0.3013, reinforcing the bearish tone. The price is approaching the 50% retracement level at $0.2593, with the 38.2% retracement at $0.2496 acting as a critical defense before the February low near $0.2205. The daily RSI sits at 30, with MACD negative, underscoring the downside momentum. A rebound above the 61.8% retracement at $0.2695 could open the path toward the 50-day and 200-day EMAs at $0.2773 and $0.3013, respectively.
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