Cardano Price Under Pressure Amid Global Tensions and Bearish Sentiment

Cardano (ADA) price has been experiencing a decline in recent weeks due to various factors. One of the main reasons is the ongoing tensions between the US and Iran, which have led to a decrease in risk appetite across crypto markets. Bitcoin's price also fell below $67,360 on Sunday, triggering liquidations across the market.

Derivatives data paints a bearish picture for Cardano. The token's futures open interest has been falling steadily since mid-March, indicating that traders are pulling back from the market. Additionally, the funding rate has turned negative, meaning short sellers are paying longs. This typically reflects a market tilted towards bearish bets.

However, despite the bearish sentiment, a rare 'Black 9' TD Sequential buy signal appeared on ADA's weekly chart on March 21. This signal suggests that selling pressure may be running out and could lead to a price increase. To confirm this signal, ADA needs to close above $0.23 for the week.

The token is currently trading around $0.25, near key support levels. Immediate resistance sits at $0.27, with stronger resistance near $0.30. A daily close above $0.30 would start to ease the bearish pressure. On the downside, support sits at $0.24, with a major floor at $0.22.