Cardano (ADA) derivatives traders remain confident in a price recovery despite recent declines, currently at a seven-day low of $0.35. Data from Coinglass shows a strong bias towards long positions, indicating optimism among traders.
The Long/Short ratio for Cardano stands at 2.91, suggesting that 75% of traders expect a price rebound. On-chain data from IntoTheBlock also reveals that ADA holders are maintaining their positions with a 64% increase in holding time over the past week.
For the bullish outlook to hold, ADA needs to stay above $0.34; otherwise, a deeper correction to $0.31 could occur. Positive MACD readings suggest a potential price increase if key support levels are defended. A drop below these levels could lead to long liquidations and a long squeeze.
Overall, traders' optimism and increased holding times point to potential stabilization and a price rebound for ADA, provided crucial support levels are maintained.
