ADA, the native token of the Cardano blockchain, shows consolidation by trading within a narrow range, raising caution among investors and traders.
Cardano (ADA) Consolidation
Recently, Cardano (ADA) has been trading within the $0.69 and $0.75 range. Despite market uncertainty, investors await a clearer market direction before building positions.
Technical Analysis and Future Levels
According to technical analysis, Cardano (ADA) is at the lower boundary of its consolidation zone and is expected to rise to $0.75 if it stays above $0.69. Should the price fall below $0.68, a decline to $0.65 is anticipated.
Current Price Momentum and Over-Leveraged Levels
Currently, ADA is trading near $0.70, showing a 1.5% drop in the last 24 hours. A 12% decrease in trading volume indicates reduced market participation. Data reveals that traders are over-leveraged at $0.69 with $9.70 million in long positions and at $0.734 with $11.40 million in short positions.
The ongoing consolidation of ADA may lead to significant price changes, depending on the retention of key price levels. Caution and monitoring of market conditions are advised for traders.
