Ethereum
Cardano weekly rally stalls below $0.20 amid falling derivatives demand
Cardano's 13% weekly advance is losing momentum as futures open interest declines and long liquidations outpace shorts by nearly tenfold.
Cardano extended its weekly rally to approximately 13% on Thursday, building on a 30% gain from the previous week. Despite the continued upward move, the derivatives market reveals weakening conviction beneath the surface.
Futures open interest fell by nearly 2% over 24 hours to $494.17 million, suggesting traders are closing positions or facing forced liquidations. Long liquidations reached $983,670 during that period, compared with just $103,370 in short liquidations—an imbalance indicating that bullish positions suffered the heaviest losses. Negative funding rates further confirm the shift in retail positioning as ADA struggles to sustain its recovery above $0.20.
The technical outlook has deteriorated, with sellers now targeting the 50-day exponential moving average at $0.1898 as the next level of support.
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