The general cryptocurrency market seems to bleed. In the middle of this market down, Ada, the native token of the Cardano Blockchain, is ready for a remarkable price decrease. This Bearish speculation for ADA is based on recent price promotion, the general market sentiment and the strong Bearish -by -views of the traders.
Cardano (ADA) Technical analysis and key levels
According to the technical analysis of Coinpedia, Ada has confirmed its bearish trend by re -testing the demolition of the rising trend line. However, the Altcoin currently finds small support at the $ 0.90 level. Based on recent price promotion and historic momentum, if ADA closes a daily candle under $ 0.90, there is a strong possibility that it could fall by 15% to reach $ 0.70 in the future.
Despite these Bearish front views, the Altcoin is still traded above the 200 exponential advancing average (EMA) on the daily period, indicating that it remains active in an upward trend.
Rising bets on short positions
After this Bearish pricing, traders bet strongly on the disadvantage, as revealed by the uncleaning analysis company Coinglass.
According to data on the chain, short-sellers are currently dominating the active and bullish can liquidate long positions.
The data shows that the level of $ 0.95 acts as a strong resistance, in which short -leners at this level are used too much, with $ 9.65 million in short positions. In the meantime, the level of $ 0.88 serves as strong support, in which bulls are used too much, with $ 6.30 million in long positions.
These statistics show that short-sellers are currently actively checking and have the potential to stimulate the price of ADA.
When combining the interest of traders with technical analysis and price action, it seems that Ada could fall to the level of $ 0.70 in the coming days.
Current price momentum
ADA is currently trading near $ 0.913 and has experienced a price fall of more than 3.50% in the last 24 hours. During the same period, due to the Bearish market sentiment, the participation of traders and investors fell by 22% compared to the previous day.
Credit : coinpedia.org
