Analyst: ADA still faces selling pressure after 10% weekly drop, $0.24 becomes key support

PANews reported on October 1 that crypto analyst Ai stated that demand in the Cardano (ADA) futures market is cooling, with open interest falling 9% over the past week from $1.99 billion to $1.81 billion, indicating that traders are reducing leveraged exposure. Meanwhile, whales also appear to be taking profits, having reduced their holdings by roughly 90 million ADA worth about $22.5 million since September 20, further adding to recent selling pressure.

Ai further noted that ADA's daily chart flashed a sell signal on September 26, and it has since fallen 10%, with the pullback possibly not yet over. The parallel channel on the daily chart shows $0.24 as a key mid-level support; if it is lost, ADA could fall further toward the lower boundary of the channel at around $0.21. If $0.21 holds, it could become the next buying opportunity, with an upside target toward the top of the channel at around $0.28.