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- Cardano (ADA) is experiencing losses below $0.2800 after Sunday’s 4% recovery was caught by the 100-day EMA.
- A decline in the stock market and a change in futures market sentiment are indicative of a changing economy.
The Cardano futures market changes as sentiment changes
ADA has dpwn 2% in the last 24 hours and may record further losses soon. Cardano futures market sentiment is turning positive amid a reversal in the spot price this week.
According to CoinGlass dataThe ADA futures Open Interest (OI) rose by 4% in 24 hours, to $596.40 million, indicating increased positions as traders prepare for a possible move.
However, the loss rate of -0.0018% indicates that few traders are willing to take long positions on ADA, pointing to a bearish sentiment.
In addition, the long-short ratio stands at 0.7212, indicating that the active short position exceeds the long position, further reinforcing the bearish sentiment.
Technical outlook: ADA is facing resistance at the 100-day EMA
The 4-hour ADA/USD chart remains stable and effective. At the time of writing, Cardano is trading around $0.2743, keeping the tone below the 100-day EMA at $0.2870.
Although the ADA is holding above the 50-day EMA at $0.2603, the technical structure remains conservative, meaning that the bullish spread may continue if support does not hold.
The Moving Average Convergence Divergence (MACD) is getting closer to the signal line, and the positive histogram bars are converging. Meanwhile, the Relative Strength Index (RSI) has dropped to 59, which indicates that the bullish trend is slowing down after a major move.
If the rally resumes, long-term resistance is seen at the 100-day EMA near $0.2870, with the longer 200-day EMA around $0.3696 acting as the next barrier.
However, if the trend continues, the 50-day EMA at $0.2603 provides the first level of support.
A daily candle that closes below this level may indicate that the recent rally is fading and the bullish bias is resuming.
