The global cryptocurrency market seems to bleed. In the middle of this slowdown in the market, ADA, the native token of the Cardano blockchain, is ready for a significant price drop. This downward speculation for ADA is based on recent price actions, the overall feeling of the market and the strong lowering perspectives of traders.
Cardano technical analysis (ADA) and key levels
According to Coinpedia’s technical analysis, ADA has confirmed its leased trend by spinning the rupture of its upward trend line. However, Altcoin currently finds minor support at $ 0.90. Based on the action of recent prices and historical impulse, if ADA Close a daily candle below $ 0.90, there is a high possibility that it can decrease by 15% to reach $ 0.70 in the future.
Despite this downward perspective, Altcoin is still negotiated above the exponential mobile average (EMA) on the daily time, indicating that the asset remains in an upward trend.
Rising Paris on short positions
Following this lower price action, the traders are betting strongly on the decline, as revealed by the chain analysis company Rinsing.
According to data on the chain, the uncovered sellers currently dominate the assets and can liquidate long upper positions.
The data show that the level of $ 0.95 acts as a strong resistance, the exposed sellers are over-exposed to this level, holding $ 9.65 million in short positions. Meanwhile, the level of $ 0.88 serves as a strong support, where the bulls are over-deposed, holding $ 6.30 million in long positions.
These statistics show that in their discoveries currently control the asset and have the potential to generate the ADA price.
During the combination of the interests of merchants with technical analysis and price action, it seems that AD could decrease in $ 0.70 in the coming days.
Current price momen
ADA is currently negotiating nearly $ 0.913 and has dropped by prices of more than 3.50% in the last 24 hours. However, during the same period, due to the lowering market feeling, the participation of traders and investors decreased by 22% compared to the day before.