ADA slips under $0.24 as bearish momentum signals deepen losses

Cardano (ADA) is trading below $0.24, with a slightly bearish setup across both spot/price action and derivatives. The broader market turned risk-off as Bitcoin fell under $71,000 after geopolitical tensions tied to the US–Iran situation (naval blockade of the Strait of Hormuz), dragging majors and spilling over into alts. For ADA, price is around $0.2387 and remains below the 50/100/200-day EMAs, creating stacked resistance overhead. Momentum indicators also lean weak: 4H RSI is near ~40 and MACD is slightly below zero, suggesting downside pressure without extreme selling. Derivatives data reinforce the caution. CoinGlass shows ADA’s OI-weighted funding rate flipped negative to about -0.0093%, implying shorts are paying longs. Open interest has been declining since mid-January, with OI around $432.4M, signaling fading participation and room for further downside. Key levels highlighted: near-term support around $0.2329, then ~$0.2200. On the upside, a daily close back above ~$0.2450 is framed as the invalidation level, potentially forcing short covering and improving momentum. Resistance zones are cited near $0.264–$0.269 (around the 50-day EMA and Fibonacci area). For traders, the message is that ADA’s weakness looks more structural than purely reactive, with BTC risk still acting as the main macro driver. If BTC stabilizes or reclaims ~71,000, ADA may rebound; otherwise, bearish positioning could persist.