Cardano's Native Token, ADA, Facing Notable Price Drop Amid Market Uncertainty

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 confused.

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 a four-hour candle above the $0.74 level, there is a strong possibility it could rise by 13% to reach $0.83 in the near future.

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

A potential breakout or breakdown will determine the price direction 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.

The data reveals that traders are currently over-leveraged at $0.71, where they have over $2.61 million in long positions pending liquidation.

Moreover, at the price level of $0.73, traders have built up over $4.20 million in short positions, which could be liquidated if the asset rises further.

The post Major Liquidations Anticipated As Cardano Faces 2% Downfall Amid Symmetrical Triangle Pattern Formation appeared first on TokenPulse.