Recent developments in the cryptocurrency market have resulted in significant price fluctuations for Cardano (ADA). The liquidation spike has drawn attention from traders and analysts alike.
Cardano Liquidation Spike
According to CoinGlass data, long position traders betting on Cardano’s rise faced a liquidation of $132,030 within the last hour. Following a sharp decline, Cardano's price dropped from an intraday high of $0.8035 to a low of $0.7678. As of press time, the price is at $0.7905, reflecting a 0.2% increase over the past day.
Market Conditions and Predictions
The uncertainty in the market has heightened with the upcoming release of the U.S. Consumer Price Index. Some analysts speculate that the Federal Reserve might delay a rate cut if the index exceeds 2.8%. Meanwhile, trading activity for Cardano has increased to $1.21 billion, which is a 1.34% rise within 24 hours.
Technical Analysis and Expectations
Despite the volatility and liquidations, many ADA holders are optimistic about a price recovery to $1. Technical indicators have shown a "golden cross pattern," which could signal future bullish behavior. The last time ADA traded above $1 was in early March, coinciding with news of strategic crypto reserves.
The situation surrounding Cardano remains tense, and many investors are keeping a close eye on potential market changes. Current data show significant liquidations alongside hopes for price recovery, making future predictions highly uncertain.
