Cardano [ADA] is catching the eye of cryptocurrency enthusiasts due to its significant price decline within the last 24 hours.<\/p>\n
With a 13% drop, ADA has now reached a pivotal point where there has been a notable surge in participation from traders and investors, resulting in a noticeable uptick in trading volume.<\/p>\n
Currently, ADA is trading around $0.665, experiencing a 90% increase in trading volume in the past day. Nevertheless, this upsurge in trading volume does not necessarily signify a price surge.<\/p>\n
Such upticks commonly happen when an asset breaks out or breaks down from a price pattern. Substantial volatility pushes traders and investors to either close their positions or sell off assets to lock in profits.<\/p>\n
As per CryptoCrypto’s technical breakdown, ADA appears to be shaping a bullish double-bottom pattern on the daily chart. Despite this, the recent price dip has pushed the asset to a critical support level of $0.65.<\/p>\n
This support level has a solid track record of price reversals, further supporting the bullish outlook.<\/p>\n
Furthermore, ADA’s technical indicators are showing a bullish divergence, indicating a significant potential upside.<\/p>\n
Historically, if ADA maintains its position above $0.65, there is a high likelihood that it could surge by 25% to hit $0.85 in the upcoming period.<\/p>\n
However, if ADA breaches the $0.65 level, there is a possibility of a 30% drop to reach $0.45.<\/p>\n
Despite the continuous price decline, long-term holders seem to be accumulating ADA tokens according to on-chain analytics firm Coinglass.<\/p>\n
Data from Spot Inflows\/Outflows shows that exchanges have observed an outflow of more than $8 million worth of ADA tokens in the last 24 hours.<\/p>\n
Even in a market scenario where prices are on a downward trend, exchange outflows suggest potential accumulation, which could generate buying pressure and propel further upward momentum.<\/p>\n
Meanwhile, intraday traders seem to be aligning with the prevailing market sentiment, favoring short positions, as per Coinglass.<\/p>\n
Currently, short positions dominate, while long traders seem to have weakened.<\/p>\n
Data indicates that the major levels for liquidation are at $0.634 on the lower end and $0.708 on the upper end, with traders showing significant leverage at these levels.<\/p>\n
If the market sentiment remains constant and the price drops to $0.634, almost $3.08 million worth of long positions would be liquidated.<\/p>\n
Conversely, if sentiment changes and the price rises to $0.708, around $17.30 million worth of short positions will face liquidation.<\/p>\n
Based on this on-chain metric, it appears that short traders still maintain a pessimistic view on ADA’s price recovery in the near term, leading to the accumulation of $17.30 million in short positions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Cardano [ADA] is catching the eye of cryptocurrency enthusiasts due to its significant price decline within the last 24 hours. With a 13% drop, ADA has now reached a pivotal point where there has been a notable surge in participation from traders and investors, resulting in a noticeable uptick in trading volume. The Current Price<\/p>\n","protected":false},"author":1,"featured_media":41560,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-41559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=41559"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41559\/revisions"}],"predecessor-version":[{"id":41562,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41559\/revisions\/41562"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/41560"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=41559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=41559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=41559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}