The overall cryptocurrency market seems to be bloody. In the middle of the market downturn, ADA, an indigenous token of the Cardano blockchain, is preparing a notable price. This weakness of ADA is based on recent price behaviors, overall market sentiment and trader powerful weaknesses.
Cardano (ADA) technology analysis and major levels
According to Coinpedia’s technical analysis, the ADA has reaffirmed the upward trend and confirmed the weak trend. However, Altcoin is currently receiving some support at $ 0.90. Based on the recent price behavior and historical propulsion, if the ADA finishes the candle at less than $ 0.90 every day, it is likely to decrease by 15% to reach $ 0.70 in the future.
Despite the outlook of this weakness, Altcoin is still trading more than the EMA (E) substrate average (EMA) for a daily period, indicating that assets are on the rise.
Betting increases in a short position
Following this weak price behavior, merchants are betting on the shortcomings as the whole chain analysis company COINGLASS has been revealed.
According to the warm chain data, short sellers are now dominating assets and can clear long positions of strong.
This data is a strong resistance of $ 0.95, and short sellers have an excessive highlight at this level, showing that they have a short position worth $ 96.5 million. Meanwhile, the $ 0.88 level is a powerful support that has an excess of the bull and has a long position worth $ 66 million.
According to this statistics, short -term sellers are currently controlling assets and showing that they may induce the price of ADA.
When combining traders’ attention with technical analysis and price measures, ADAs can be reduced to $ 0.70 in the future.
Current price momentum
The ADA is currently dealing with nearly $ 0.913 and has experienced more than 3.50% of the price drop over the last 24 hours. However, in the same period, the weak market sentiment decreased by 22% compared to the previous day.