Analyst: ADA Faces Selling Pressure After a 10% Weekly Drop, $0.24 Becomes Key Support

Odaily Planet Daily News – Crypto analyst Ai stated that demand in the Cardano (ADA) futures market is cooling down, with open interest dropping 9% over the past week, from $1.99 billion to $1.81 billion, indicating that traders are reducing leveraged exposure. Meanwhile, whales appear to be taking profits, having sold approximately 90 million ADA worth around $22.5 million since September 20, further increasing recent selling pressure. Ai further pointed out that a sell signal appeared on ADA's daily chart on September 26, leading to a 10% decline since then, suggesting the correction may not be over yet. The parallel channel on the daily chart indicates that $0.24 is a critical mid-level support; if breached, ADA could further drop toward the lower boundary of the channel around $0.21. If $0.21 holds, it could become the next buying opportunity, with the upper target aiming at the channel's top around $0.28.