During this period of market recovery, leading assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have seen significant gains. However, the Proof-of-Stake (PoS) blockchain Cardano (ADA) has not performed as well compared to other top 10 assets by market capitalization.
Decrease in ADA Open Interest by 8%
Despite its lackluster performance, ADA remains bearish. With a market capitalization of over $11.63 billion, it is currently trading around $0.324, experiencing a 2% drop in the last 24 hours. Additionally, ADA’s trading volume has decreased by 37% during the same period.
Furthermore, the open interest (OI) in ADA has also declined by 8%, indicating reduced interest from traders and investors, as reported by on-chain analytic firm CoinGlass.
ADA Price Prediction
Technical analysis experts suggest that ADA is at a critical support level of $0.321 in a 4-hour time frame. If the price breaks below this level and closes a 4-hour candle under $0.319, there is a strong possibility of a 12% decline to the $0.28 level in the near future.
If sentiment shifts and ADA’s price rises, closing a 4-hour candle above $0.35 could lead to a 20% surge to the $0.41 level in the coming days. This potential increase is likely to occur following the implementation of a hard fork.
Key Cardano Liquidation Levels
Currently, ADA’s major liquidation levels are approximately $0.302 on the lower end and $0.341 on the upper end. If market sentiment remains unchanged and the price drops to $0.302, nearly $1.85 million worth of long positions will be liquidated. Conversely, if ADA’s price rises to $0.341, almost $4.25 million worth of short positions will be liquidated.
The significant liquidation of short positions compared to long positions indicates a bearish outlook for ADA.
