Background Information: The current price of Cardano (ADA) is approximately $0.6218, positioned near the important support zone of $0.61 since early May. Market sentiment shows a rare consensus bullish outlook among retail and smart money, with sentiment scores of 1.52 and 0.72 respectively. The 90-day cumulative volume delta (CVD) also supports an optimistic view.

Key Events: The price of ADA is operating within a descending channel, and despite a 3.08% drop in the past 24 hours, the relative strength index (RSI) indicates potential reversal signals. On-chain derivatives data shows a 3.35% decrease in open contracts, but the funding rate has turned positive, indicating that bulls are willing to pay to maintain their positions. Overall liquidity in the stablecoin market has decreased by 3.25%, but the strong dominance of ADA buyers remains intact. Binance futures data indicates that bulls account for 73.54%, bears 26.46%, with a long-short ratio of 2.78, reflecting general market expectations for a rebound, but there is also a risk of breaking support levels.

Potential Impact: If ADA can hold the $0.61 support, it may rebound to the resistance level above $0.84; if it breaks below this support, market sentiment may quickly turn bearish. The next few days will test the sustainability of bullish confidence.