Cardano's (ADA) price has become a central topic for traders amidst bearish market sentiment and consolidation breakout.
Price Action and Forecast
According to expert technical analysis, ADA has turned bearish and is expected to continue its price decline in the coming days. The sentiment shift follows a breakdown from consolidation that ADA had been in for several weeks between $0.69 and $0.75. There is a strong likelihood of a price drop to the $0.625 level, and if a daily candle closes below the $0.622 level, the price could drop by 30% to reach $0.425.
Current Price Momentum
Despite these fluctuations, ADA is currently trading around $0.66, having recorded a price decline of over 1% in the past 24 hours. Meanwhile, trading volume dropped by 30%, indicating lower participation from traders and investors.
Key Liquidation Levels
Amid this bearish price action, trader sentiment remains unchanged, favoring the bearish side. According to analytics firm Coinglass, traders are over-leveraged. Key levels range from $0.655 to $0.696. They have built $3.62 million in short positions and $14.80 million in combined long and short positions.
The breakdown of consolidation and analysis of current levels align with continued bearish sentiment for Cardano (ADA). Market participants continue to monitor developments in anticipation of trend changes.
