ADA Price Dips as Market Uncertainty Weighs, Mirroring the Downturn Seen Across Major Cryptos

Cardano's native token, ADA, is facing a notable price drop amid market uncertainty, mirroring the downturn seen across major cryptocurrencies.

Cardano's native token, ADA, is facing a notable price drop amid market uncertainty, mirroring the downturn seen across major cryptocurrencies. The volatility has shaken investor confidence, triggering millions of dollars in liquidations across both long and short positions.

For the past few days, the overall cryptocurrency market has witnessed a price surge followed by a drop. This pattern has been ongoing for the last couple of weeks, leaving investors and traders in confusion.

Current Price Momentum

ADA is currently being sold at $0.72 and has seen a 2% price decrease in the past 24 hours. However, during the same period, its trading volume decreased by 25%, indicating lower participation from traders and investors.

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 candles close above the $0.74 level, there is a possibility of seeing a 13% surge to $0.83 in the near future.

If the asset breaks down from the pattern and falls below $0.70, it could decline to the crucial support level of $0.65 in the coming days.

Major Liquidation Areas

At press time, traders seem to be strongly betting on the bearish side, as reported by the on-chain analytics firm Coinglass. Data reveals that traders are currently over-leveraged at $0.71, with $2.61 million worth of long positions.