Cardano's native token, ADA, is facing a notable price drop amid market uncertainty, reflecting the downturn seen across major cryptocurrencies.
Current Price Momentum
ADA is currently trading near $0.72 and has recorded a 2% price drop in the past 24 hours. However, during the same period, its trading volume declined by 25%, indicating lower participation from traders and investors compared to the previous day.
Cardano (ADA) Technical Analysis and Upcoming Levels
With notable price fluctuations in recent days, ADA appears to be forming a symmetrical triangle pattern on the four-hour timeframe. If the asset breaks out of the pattern and closes above the $0.74 level, it could potentially soar by 13% to $0.83. Conversely, if it falls below $0.70, it may decline to the crucial support level of $0.65.
Major Liquidation Areas
According to the on-chain analytics firm, Coinglass, traders are strongly betting on the bearish side. They are over-leveraged at $0.71 with $2.61 million in long positions. Meanwhile, $0.73 is another level with $4.20 million in short positions.
Experts believe a potential breakout or breakdown will determine the price direction for ADA in the coming days.
