Cardano (ADA) has experienced bearish pressure, with its price nearing the crucial support level of $0.653. A decrease in long positions and persistent selling are evident from technical indicators. The long-to-short ratio for ADA is currently below one, signifying increased short positions. 24-hour trading data shows a 3.43% dip bringing the price down to $0.6802. This downward trend aligns with the broader decline in the crypto market, intensifying pressure on ADA. Coinglass data reveals a persistent bearish trend in Cardano’s derivatives market. The open interest (OI)-weighted funding rate has hovered near zero with frequent dips into negative territory since early March. These patterns indicate weakening long positions as traders grow cautious about price recovery. Technical indicators further suggest continued selling pressure, including the RSI dropping below 50 and the Awesome Oscillator (AO) showing consistent red bars below zero. If ADA fails to hold the $0.653 level, analysts warn of a potential drop of another 30% toward the $0.506 liquidity zone. ADA is currently confined within a descending channel, with trading near $0.755. A breakout above the resistance level of $0.79 could signify a bullish shift, potentially leading to a recovery from its current downturn. However, until a decisive move occurs, the market remains bearish, and traders are closely watching price action at the $0.79 mark for potential change in sentiment.