Cardano ($0.1977, -0.75%) is holding firm above the $0.196 threshold at the start of the week, following a notable double-digit rally over the preceding fortnight. Market participants are closely watching the sustained buying activity from large-scale holders, commonly referred to as whales, which has provided a solid floor for the asset.
Data compiled by Santiment highlights that wallets holding between 1 million and 10 million tokens, alongside those holding between 10 million and 100 million tokens, have collectively amassed 110 million tokens since Friday. This dip-buying behavior underscores enduring long-term confidence among heavy investors, effectively bolstering the ongoing price recovery.
Derivatives Data Points to Upward Bias
Market metrics derived from derivatives platforms further validate the improving technical landscape for the asset. CoinGlass figures reveal that the Open Interest-Weighted Funding Rate for the token turned positive over the weekend, settling at 0.0038% on Monday. This positive funding fee indicates that long-position holders are compensating short-position holders, a dynamic that typically signals prevailing bullish sentiment.
Simultaneously, the long-to-short ratio is steadily approaching the neutral parity level, registering at 0.99 at the start of the week. This progression demonstrates that bearish conviction is gradually dissipating across the trading community. A decisive move above the 1.0 threshold would confirm a shift toward dominant bullish positioning.
Technical Indicators and Moving Averages
Additional insights from CryptoQuant point toward a mild bullish tilt within futures markets, characterized by significant whale orders alongside otherwise neutral indicators. These conditions collectively point toward a continuation of the near-term recovery phase.
Trading at $0.1977 on Monday, the price remains comfortably above its 50-day Exponential Moving Average ($0.1795). Nevertheless, it continues to trade below the 100-day EMA and the 200-day EMA ($0.2712), keeping broader macro resistance levels firmly in focus for market participants.
Key Resistance and Support Levels
On the upside, immediate technical resistance is positioned at the 100-day EMA near the $0.196 zone. Overcoming this barrier opens the path toward the 50% retracement level at $0.213 and the 61.8% Fibonacci retracement level near $0.231. An additional horizontal barrier sits at $0.236.
A sustained breakout above this dense cluster of resistance is deemed essential to neutralize the broader bearish market structure and clear the path toward the higher horizontal hurdle at $0.2991. Meanwhile, broader altcoin markets, including tokens like Shiba Inu, Bitcoin, and Ethereum, are also exhibiting defensive price action near crucial support zones.
