CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
coinpedia 2025-02-01 21:22:11

Cardano (ADA) Eyes $0.70 Amid Bearish Trends, On-Chain Insights

The post Cardano (ADA) Eyes $0.70 Amid Bearish Trends, On-Chain Insights appeared first on Coinpedia Fintech News The overall cryptocurrency market appears to be bleeding. In the midst of this market downturn,, ADA, the native token of the Cardano blockchain, is poised for a notable price decline. This bearish speculation for ADA is based on recent price action, overall market sentiment, and traders’ strong bearish outlook. Cardano (ADA) Technical Analysis and Key Levels According to CoinPedia’s technical analysis, ADA has confirmed its bearish trend by retesting the breakdown of its ascending trendline. However, the altcoin is currently finding minor support at the $0.90 level. Based on recent price action and historical momentum, if ADA closes a daily candle below $0.90, there is a strong possibility it could decline by 15% to reach $0.70 in the future. Source: Trading View Despite this bearish outlook, the altcoin is still trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the asset remains in an uptrend. Rising Bets on Short Positions Following this bearish price action, traders are strongly betting on the downside, as revealed by the on-chain analytics firm CoinGlass . According to on-chain data, short-sellers are currently dominating the asset and could liquidate bullish long positions. The data shows that the $0.95 level acts as strong resistance, with short-sellers being over-leveraged at this level, holding $9.65 million worth of short positions. Meanwhile, the $0.88 level serves as strong support, where bulls are over-leveraged, holding $6.30 million worth of long positions. Source: Coinglass These statistics show that short-sellers are currently controlling the asset and have the potential to drive ADA’s price. When combining traders’ interest with technical analysis and price action, it appears that ADA could decline to the $0.70 level in the coming days. Current Price Momentum ADA is currently trading near $0.913 and has experienced a price drop of over 3.50% in the past 24 hours. However, during the same period, due to bearish market sentiment, traders’ and investors’ participation has declined by 22% compared to the previous day.

Feragatnameyi okuyun : Burada sunulan tüm içerikler web sitemiz, köprülü siteler, ilgili uygulamalar, forumlar, bloglar, sosyal medya hesapları ve diğer platformlar (“Site”), sadece üçüncü taraf kaynaklardan temin edilen genel bilgileriniz içindir. İçeriğimizle ilgili olarak, doğruluk ve güncellenmişlik dahil ancak bunlarla sınırlı olmamak üzere, hiçbir şekilde hiçbir garanti vermemekteyiz. Sağladığımız içeriğin hiçbir kısmı, herhangi bir amaç için özel bir güvene yönelik mali tavsiye, hukuki danışmanlık veya başka herhangi bir tavsiye formunu oluşturmaz. İçeriğimize herhangi bir kullanım veya güven, yalnızca kendi risk ve takdir yetkinizdedir. İçeriğinizi incelemeden önce kendi araştırmanızı yürütmeli, incelemeli, analiz etmeli ve doğrulamalısınız. Ticaret büyük kayıplara yol açabilecek yüksek riskli bir faaliyettir, bu nedenle herhangi bir karar vermeden önce mali danışmanınıza danışın. Sitemizde hiçbir içerik bir teklif veya teklif anlamına gelmez