Cardano risks further losses as ADA drops below the $0.220 support

Key takeaways Cardano trades below $0.22 after failing to sustain a move above its 50-day EMA. ADA’s long-to-short ratio stands at 0.79, approaching its lowest reading in more than a month. Negative funding rates indicate increased demand for bearish derivatives exposure. Cardano recovery stalls below key moving average Cardano remained under pressure on Thursday, trading below $0.220 after buyers failed to sustain the previous day’s recovery above the 50-day Exponential Moving Average. The rejection leaves ADA below its 50-day and 200-day EMAs, maintaining a bearish near-term outlook.

Source: CoinJournal