The cryptocurrency market has witnessed liquidations totaling $422.9 million over the past 24 hours, with significant contributions from Cardano.
Liquidations in the Cardano Market
According to CoinGlass, Cardano saw total liquidations of $7,169,300 in the past 24 hours. Long liquidations reached $6,560,000, whereas shorts only amounted to $609,300. This created a gap of $5,950,700, marking a 977% liquidation imbalance between long and short ADA traders.
Momentum Towards $1
Cardano has attempted to hit the $1 mark multiple times but remained at the $0.80 level. On July 21, it reached $0.935 but then lost momentum. Analysts attribute this to aggressive profit-taking as traders locked in gains from July's rally. However, bullish activity is returning, with ADA sustaining above the daily SMA 50 and 200.
Actions of Cardano Whales
Recent movements from ADA whales also add to the dynamics. A total of 271,092,516 ADA was moved from the Coinbase crypto exchange to unknown wallets, indicating potential confidence from whales anticipating a price shift in ADA.
The current situation in the Cardano market reflects significant liquidations and interest from large investors, which could influence future price movements.
