Cardano's bearish pressure persists amid weak derivatives and on-chain data

Cardano (ADA) continued its downward trajectory on Friday, trading below $0.165 and posting losses of more than 2% in the last 24 hours. The cryptocurrency remains under pressure, as weakening derivatives activity and negative on-chain indicators suggest further downside in the near term. Bearish derivatives data reflect growing market caution Market sentiment surrounding Cardano remains fragile, with derivatives metrics highlighting a growing bearish bias among traders. According to CoinGlass data, ADA's long-to-short ratio fell to 0.96 on Friday, approaching its lowest level in over a month. A ratio below 1 indicates that short positions outweigh long positions, suggesting that a majority of traders are positioning for additional price declines.