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Cardano<a href="https://yellow.com/asset/ada?utm_source=chatgpt.com" rel="noopener noreferrer nofollow">(ADA)</a> traded near $0.205 Friday, putting the closely watched $0.20 support zone at risk after an 8%-plus weekly decline and a 4% daily drop.<blockquote><h2 id="key-points">Key Points:</h2><ul><li>ADA traded around $0.205, with $0.20 acting as the main near-term support level.</li><li>Derivatives indicators turned defensive, with the long-to-short ratio at 0.91 and funding at negative 0.0007%.</li><li>A break below $0.195 could expose $0.173, while bulls need to reclaim higher resistance before a broader reversal gains credibility.</li></ul></blockquote><h2 id="cardano-support-test">Cardano Support Test</h2>ADA was <a href="https://cryptonews.com/news/cardano-news-price-critical-support/" rel="noopener noreferrer nofollow">consolidating</a> just above its 50-day and 100-day exponential moving averages, at $0.198 and $0.200, respectively, after pulling back from recent September highs. The token has not decisively lost the $0.20 area since the start of September. However, derivatives positioning has weakened.CoinGlass put ADA’s long-to-short ratio at 0.91, near a one-month low, while its funding rate turned negative Friday at minus 0.0007%, meaning shorts were paying longs to maintain positions. CryptoQuant also flagged large whale orders in futures while describing both spot and futures markets as “heating,” a mix that suggests traders are active but not clearly committed to a bullish direction.Technical indicators remain mixed, with the relative strength index near 50 and the MACD slightly below zero, while the 200-day exponential moving average continues to cap upside near $0.241.Also Read:<a href="https://yellow.com/news/openai-two-week-freeze-altman-pacing" rel="noopener noreferrer nofollow">OpenAI's Two-Week Freeze Passed, Then Altman Floated Pacing With Rivals</a><h2 id="marzell-downside-view">Marzell Downside View</h2>Alex Marzell said ADA’s recent move from $0.1936 to $0.2320 in six days had largely reversed, with $0.2151 rejecting price three times before the latest decline. He identified $0.2051 as the starting shelf for that advance and warned that losing it would leave limited nearby support. The bearish scenario becomes more pronounced below $0.195.A decisive close under that 38.2% Fibonacci level could open a path toward $0.173 and eventually $0.150, while the base case keeps ADA between $0.198 and $0.213 as traders wait for a stronger catalyst. Cryptonews cited the Sept. 15 Clarity Act vote as a potential volatility trigger for the broader altcoin market.The bullish case requires ADA to hold the $0.198-$0.200 EMA cluster, reclaim $0.210 and then push toward $0.231 before challenging the $0.236-$0.245 resistance zone around the 200-day EMA.That setup follows a sharp September swing in which ADA climbed from $0.1936 to $0.2320 within six days before surrendering most of the move, leaving $0.20 as the key dividing line between stabilization and a deeper correction.Read Next:<a href="https://yellow.com/news/apple-iphone-duo-demand-risks" rel="noopener noreferrer nofollow">Apple iPhone Duo Faces Two Early Demand Risks At $1,999</a>

Cardano Holds $0.20 Line With Derivatives Flashing Bearish Signals

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