Cardano (ADA) demonstrates interesting market changes, combining positive investor sentiments with selling pressure. This article examines the current situation and potential price movement perspectives.
Market Sentiments and ADA Dynamics
Currently, Cardano shows a significant increase in positive sentiment from both retail and institutional investors. According to Market Prophit, retail investor sentiment scored 1.52, while institutional sentiment was 0.72, suggesting a possible short-term convergence of these groups.
CryptoQuant analysis reveals that the 90-day cumulative volume delta (CVD) remains buy-dominant, indicating continued active purchasing on major spot exchanges.
ADA Trading Near Key Support
Despite the positive sentiment, ADA is trading under pressure. At press time, the token is priced around $0.614, down 2% in the past 24 hours. The trading range observed during this period was between $0.6013 and $0.6268. The current price action of ADA is still within a wider descending channel.
The $0.61 price level is becoming a key support point, as it has held since early May and previously served for small rebounds. Trading volume in the last 24 hours was reported at approximately $536 million.
Technical Analysis and Reversal Potential
Recent data show that positive funding rates have remained in place since April. Positive funding typically indicates that long positions are paying short ones, often a signal of bullish expectations in the derivatives market. If bulls can defend the $0.61 support zone, a move toward the upper boundary of the descending channel could occur. However, a breakdown below this level may signal a shift in short-term sentiment.
The situation around Cardano demonstrates a cohesion of positive sentiment amid existing pressure. Further trading actions and reactions to key support levels will be crucial in determining the future price direction.
