Cryptocurrency Cardano (ADA) continues to show impressive growth, increasing over 15% in the last 24 hours, which has triggered significant liquidations in the market.
Massive Cardano Breakout
According to CoinGlass, short traders in the Cardano market faced $274,620 in losses in just one hour, coinciding with the rapid price surge as ADA broke above the 200-day exponential moving average.
ADA Technical Indicators in Focus
Technical indicators suggest that Cardano may reach new levels. The Bollinger Bands indicate decreasing volatility for the asset.
Potential to Reach $1
Despite the positive trends, ADA's growth may encounter resistance at the $0.75 level, where some investors might opt to take profits. If this pressure is surpassed, Cardano could aim for the $1 mark.
The rising price of Cardano and the liquidation of short positions highlight current trends in the cryptocurrency market. Investors continue to monitor developments closely.
