Cardano (ADA) Falls 10% in a Week as Futures Demand Cools
Open interest in ADA futures fell 9% to $1.81 billion, while large holders reduced their positions by about 90 million ADA since Sept. 20.
Cardano (ADA) fell 10% over the past week after a sell signal appeared on its daily chart Sept. 26, while futures-market demand cooled and large holders reduced their positions.
Open interest in ADA futures declined 9% during the week, falling from $1.99 billion to $1.81 billion. The drop indicates that traders reduced their leveraged exposure as the token weakened.
Large holders also reduced their positions. Since Sept. 20, they have cut their holdings by about 90 million ADA, worth roughly $22.5 million.
ADA’s daily chart identifies $0.24 as a key midpoint support level in a parallel channel. A break below that level would expose the channel’s lower boundary near $0.21.
The channel’s upper target is near $0.28. The recent pullback may not be over, with ADA’s next move depending in part on whether the token holds the $0.24 level.
