With a price drop of 6% in the last 24 hours, ADA, the native token of the Cardano -Blockchain, reached an important level and is on the edge of a huge price decrease. In the past week, Ada has consolidated a limited range between $ 0.69 and $ 0.75.
Cardano (ADA) Technical analysis and upcoming levels
Due to a Bearish market sentiment and a remarkable price decrease, however, ADA has reached the lower limit of the zone and is about to break out of this consolidation.
According to technical analysis of experts, Ada Bearish has become weak because it falls under the 200 exponential advancing average (EMA) on the daily period. Despite the weak and bearish trend, if the asset price falls below the $ 0.69 level, there is a strong possibility that it could fall by 9% to reach $ 0.64 in the coming days.
Historically, when the price of Ada reached the lower boundary of consolidation, however, it experienced an upward movement together with purchasing pressure. This time, however, the sentiment is completely bearish and large assets such as Bitcoin (BTC) and Ethereum (ETH) influence the total market, which means that the chance that Ada will fall to the level of $ 0.64 in the coming days.
Current price momentum
At the time of the press, ADA acts near $ 0.695 and registers a price drop of 6% in the last 24 hours. During the same period, however, the trade volume of the Active increased by 30%, which points to increased participation of traders and investors compared to the previous day.
Important liquidation levels
Meanwhile, with the Bearish Market sentiment and Ada -Trade At the crucial level, the prospects of the traders appear to have been shifted because they are gambling strongly on the short side.
Data from the on-chain analysis company Coinglass shows that traders are used too much for $ 0.715, with $ 11.15 million in short positions. Bulls, however, are surpassed at $ 0.687, which have built long positions for $ 6.51 million, which clearly indicates that bears are currently actively dominating it.