Cardano Price Eyes $0.245 After Strong Weekly Rally

Cardano is trading near $0.222 this week following an impressive rally of over 15 percent. While the price is moving in the right direction, the market remains cautious. Data shows that short positions currently slightly outnumber long positions, though positive funding rates suggest that traders are warming up to the idea of a sustained recovery.

Technically, Cardano looks healthier than it has in recent weeks. The price is now sitting above its 50 day and 100 day exponential moving averages, which is a positive sign for short term sentiment. Additionally, momentum indicators like the RSI and MACD are pointing upward, suggesting that buyers are gaining the upper hand without pushing the asset into overbought territory just yet.

All eyes are now on the $0.231 to $0.245 range. This area is packed with technical resistance, including the 200 day moving average and key Fibonacci retracement levels. Clearing this zone is essential if Cardano wants to extend its gains. If the price fails to break through, it may retreat back toward the $0.213 or $0.200 support levels.