Cardano (ADA) Rally Cooling Off, Market Sentiment or What?
Cardano Blockchain’s local token Ada attracted significant attention from crypto enthusiasts after the asset manager applied for the Cardano Exchange-Fraded Fund (ETF) in the United States. This development has attracted significant interest from traders and investors, resulting in an impressive upward momentum.
Cardano (ADA) loses profit
As the market surge pushes ADA to key resistance levels, assets begin to experience massive sell-outs, causing their prices to fall, another disappointment for today’s traders and investors.
Despite the recent decline in the ADA token price, the asset moved over the 200 exponential moving average (EMA) in the daily time frame, but the asset recovered its uptrend. Furthermore, today’s famous sales pressure has no significant impact on investor sentiment as long-term holders appear to be accumulating tokens.
Current price motivation
ADA is currently trading close to $0.77, up more than 11% in the past 24 hours. However, the asset’s earnings reached $0.815, up 16%, but the market lost a large portion of that, possibly due to ongoing profit bookings and current market sentiment.
Nevertheless, trader and investor participation has soared to a new level, up more than 120% during the same period.
ADA price action
According to expert technical analysis, Aida The key resistance level facing resistance today is $0.85.
According to recent price action, if the ADA continues to rally and violates the $0.85 level, closing the daily candle above it, it could soar 32% to reach the future $1.13 level.
ADA’s main liquidation area
Currently, traders are adopting a hybrid approach. Currently, the main Clearing Area Nearly $0.734, traders holding long positions with over-leverage ratios, with a long position worth $18.8 million. Instead, $0.826 is another liquidation level where traders holding short positions are over-leveraged for short positions worth $182 billion.
When these chain-bound indicators are combined with technical analysis, it seems that long-term holders are accumulating tokens, while day traders are taking advantage of current market sentiment.
