The price of Cardano (ADA) continues to be in the red, fluctuating around the 0.52 USD level in Friday's trading session, after losing more than 10% since the beginning of the week. The bearish pressure is increasingly heavy as the funding rate of ADA turns negative, while the Total Value Locked (TVL) also weakens significantly. In terms of technical analysis, the current indicators continue to lean towards a deeper correction scenario, with the bears' target aimed at the zone below 0.50 USD.
The derivative and on-chain data of Cardano shows a bearish trend
Data from the derivatives market continues to reinforce the view that the bearish trend is dominating Cardano. Coinglass's funding rate indicates that the momentum is clearly leaning towards traders betting on the scenario of ADA continuing to fall, while the bullish side appears to be at a disadvantage.
Notably, this index has fallen into negative territory and recorded a level of -0.057% on Friday, equivalent to a sharp decline at the end of October. A negative funding rate means that shorts have to pay fees to longs — a signal reflecting the increasingly pessimistic sentiment surrounding ADA.
Funding rate of ADA | Source: CoinglassThe picture gets even gloomier as data from DefiLlama shows that the TVL of Cardano has fallen to $244.14 million on Friday, extending a steady decline since mid-August. The weakening TVL indicates stagnant network activity, declining user interaction, and a shrinking amount of assets being deposited or utilized in protocols built on ADA — all of which are unfavorable signals for the price outlook of this coin.
TVL of Cardano | Source: DefiLlama ## Cardano price forecast: ADA faces the risk of falling below 0.50 USD
The price of Cardano was strongly rejected at the 50% Fibonacci retracement level at 0.61 USD on Tuesday and has fallen over 10% as of Thursday. As of the time of writing on Friday, ADA is trading around 0.52 USD.
If the adjustment pressure continues to extend, ADA risks falling back to the important support zone around 0.49 USD on the daily chart.
Daily ADA/USDT Chart | Source: TradingViewThe RSI indicator is currently at 35, below the neutral threshold of 50, indicating that bearish momentum is prevailing. At the same time, the MACD lines are narrowing the gap, with the green histograms weakening just above the neutral zone — a warning signal for a potential bearish crossover in the near future.
On the contrary, if buying pressure appears and ADA recovers, this coin may head back to the key resistance zone at 0.61 USD.
SN_Nour
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