With a price decline of 6% over the past 24 hours, ADA, the native token of the Cardano blockchain, reached a key level and is on the verge of a massive price drop.
Cardano (ADA) Technical Analysis and Upcoming Levels
ADA approaches the lower boundary of consolidation amid bearish market sentiment. According to expert technical analysis, ADA has turned bearish and weak as it falls below the 200 Exponential Moving Average (EMA). If it falls below $0.69, it could reach $0.64.
Current Price Momentum
At press time, ADA is trading near $0.695, registering a 6% price decline over the past 24 hours. However, the trading volume jumped by 30%, indicating heightened participation from traders and investors.
Key Liquidation Levels
Current bearish sentiment and ADA trading at a critical level have shifted traders' outlook to the short side. On-chain analytics from Coinglass reveal traders are heavily over-leveraged at $0.715, while bulls are over-leveraged at $0.687.
Amid current market trends, ADA is experiencing significant volatility, and the coming days might determine the long-term prospects for this asset.
