Cardano (ADA) Price Struggles to Rebound as Broader Altcoin Market Succumbs to Bearish Trends

Cardano ADA derivatives market has significantly declined across several key metrics. The volume has dropped by 64.75%, settling at $167.60 million.

Cardano (ADA) price has been struggling to recover as the broader cryptocurrency market continues to experience bearish pressure. The altcoin has faced consistent downward price action throughout the week.

The bulls and bears have been battling intensely, with neither side gaining a clear advantage. This ongoing struggle has resulted in significant price fluctuations and ADA price remaining below crucial resistance as traders proceed with caution amid the uncertain market conditions.

Cardano Derivatives Market Sees a Steep Decline

According to data from Coinglass, the Cardano ADA derivatives market has seen a substantial decline across several key metrics. The volume has dropped by 64.75%, settling at $167.60 million. Open interest has remained relatively stable with a minor decrease of 0.02%, totaling $162.72 million.

However, the options volume has plummeted by 92.94%, down to just $6.59K. Similarly, the open interest in the options also decreased slightly by 0.27%, amounting to $374.92K. These figures indicate a marked reduction in market activity and interest in ADA derivatives.

Over the past 24 hours, the Cardano price experienced a slight rebound after a period of fluctuation. The layer 1 token has been hovering between a high of $0.3386 and a low of $0.3285. At the time of writing, the ADA price is currently at $0.3345, with a small surge of 0.8% observed during the European trading session.

Cardano is grappling with recovery, eyeing a potential bullish reversal if it surpasses the $0.35 resistance. Breaking this level could drive ADA towards $0.5, with a possible rally pushing the price to $1.

Cardano’s TVL and Network Activity Hold Strong

Data from DefiLlama shows that Cardano currently has a Total Value Locked (TVL) of $181.98 million. The platform’s stablecoins market capitalization is $13.63 million, with a 24-hour trading volume of $1.29 million. Additionally, 20,242 active addresses were recorded over the past 24 hours, indicating engagement and activity within the Cardano network.

The 4-hour technical indicators for Cardano price present a mixed outlook. The Moving Average Convergence Divergence (MACD) indicator shows signs of a potential bullish crossover. The MACD line (blue) moves slightly above the signal line (orange). Despite this, the histogram is near the zero line, suggesting that momentum is weak in either direction.

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