Cardano
Cardano Slips 3% Toward $0.21 as Derivatives Trading Dominates
Cardano faced renewed selling pressure as heavy futures activity far outpaced spot market volumes.
Cardano traded around $0.211 on Thursday after shedding roughly 3% over a 24-hour period, marking three consecutive negative daily closes. The decline pushed the token toward the key $0.21 mark.
Derivatives activity drove price action, with 24-hour ADA futures volume reaching $651.78 million—nearly six times the $112.29 million recorded across spot markets. Total open interest in Cardano futures stood at $445.52 million, reflecting significant leveraged exposure that risks amplifying volatility if long positions unwind.
Despite the pullback, the token remained above its 20-, 50-, and 100-day exponential moving averages, which sit clustered between $0.19 and $0.21. The 20-day EMA at $0.2094 provides immediate support, though weakening momentum indicators suggest buying strength is softening.
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