Cardano’s ADA Futures: Short Sellers Rejoice as Bears Take Over

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Oh, the drama! Cardano‘s ADA futures are seeing a surge in demand for short positions, as the coin’s momentum slows down like a sleepy sloth.

It seems traders are increasingly betting on a price decline, which is as delightful as a bear market. Yes, you heard it right – a bearish sentiment towards ADA is mounting faster than a Russian novel’s plot twist.

Cardano Traders: Short Sellers Unite!

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Additionally, ADA’s Weighted Sentiment remains negative, currently standing at -0.074, reinforcing the bearish outlook for the altcoin. Weighted Sentiment gauges the overall market bias by analyzing the volume and tone of social media mentions. A negative value signals growing skepticism among investors, often leading to reduced trading activity and downward pressure on the asset’s price. Sounds like a party for the bears!

Notably, ADA whales have reduced their trading activity over the past week, with the coin’s large holders’ netflow dropping by 90.29%, according to IntoTheBlock. Large holders, defined as addresses holding more than 0.1% of an asset’s circulating supply, play a significant role in market movements. A decline in their netflow indicates reduced buying activity, adding to the downward pressure on ADA’s price. It’s like watching a slow-motion train wreck, isn’t it?

ADA Price Prediction: Will it Recover to $1 or Decline to $0.80?

ADA is currently trading at $0.98, hovering just above its support level of $0.90. If bearish pressure intensifies, the price may test this support. A failure to hold at $0.90 could see ADA’s decline extend further, potentially dropping to $0.80. But hey, who doesn’t love a good cliffhanger?

Conversely, if buying activity resurges, ADA’s price could stabilize above the $1 mark. But let’s be real, where’s the fun in that?

Cardano’s ADA Futures: Short Sellers Rejoice as Bears Take Over

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2025-01-22 15:34