Cardano (ADA) Set For $0.70, On-Chain Insights
The overall cryptocurrency market seems to be bleeding. In the process of decline in this market, the local token (ADA) of the Caldano blockchain is expected to reduce prices. ADA’s decline guess is based on the recent price actions, the overall market sentiment and the strong losses of traders.
Cardano (ADA) technical analysis and key level
According to the technical analysis of CoinpeDia, ADA confirms its decoction trend by re -testing its upward trend line. However, Altcoin is currently finding smaller support at a price of $ 0.90. According to the recent price action and historical motivation, if Aida Closing the daily candle is less than $ 0.90, it is likely that it will drop by 15 % to achieve the future of $ 0.70.
Although there is such a prospect of loser, within the daily range, Altcoin is still trading higher than the 200 index moving average (EMA), which indicates that the assets are still on the rise.
Betting in short posture rises
After such a price action, traders strongly bet on the unfavorable side, as the chain analysis company revealed Small shopEssence
According to data on the chain, the short -selling assets are currently dominated by assets and can liquidate the length of the bullish.
Data show that the level of $ 0.95 is a strong resistance. At this level, short -selling cargo workers are over -leverage and hold short positions worth $ 9.65 million. At the same time, the level of $ 0.88 is a strong support, where the bull’s excessive leverage has held a long position worth $ 6.3 million.
These statistics show that short -sellers are currently controlling assets and may increase the price of ADA.
When combining traders’ equity with technical analysis and price actions, ADA seems to fall to $ 0.70 in the next few days.
Current price motivation
The current transaction price of ADA is close to $ 0.913, and the price in the past 24 hours has dropped by more than 3.50 %. However, during the same period, due to the depression of the market, the participation of traders and investors decreased by 22 % compared with the previous day.
