As the market recovery continues, most of the top assets, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), have seen a significant uptrend. Proof-of-Stake (PoS) blockchain Cardano (ADA), on the other hand, remains subdued compared to the top 10 assets by market cap.
ADA open interest drops 8%
With its decent performance, ADA is looking bearish. Ranked 10th with a market cap of over $11.63 billion, it is currently trading at around $0.324 and has seen a 2% price drop in the last 24 hours. At the same time, ADA’s trading volume has dropped by 37% in the same period.
At the same time, open interest (OI) also fell by 8%, indicating lower interest from traders and investors, according to on-chain analytics firm CoinGlass.
ADA Price Prediction
According to expert technical analysis, ADA is trading at a crucial support level of $0.321 on a 4-hour timeframe. If there is a breakout of this level and a 4-hour candle closes below $0.319, there is a high possibility that it could drop another 12% to the $0.28 level in the next few hours.
On the other hand, if the sentiment changes and the ADA price surges and achieves a 4-hour candle close above $0.35, there is a high possibility that it could rally by 20% to the $0.41 level in the coming days. However, this will possibly happen after the hard fork is implemented.
Important Cardano Liquidation Levels
Currently, ADA’s key liquidation levels are at $0.302 on the lower side and $0.341 on the upper side. If the market sentiment remains unchanged and the price drops to the $0.302 level, almost $1.85 million of the long position will be liquidated. Conversely, if the sentiment changes and ADA rises to the $0.341 level, almost $4.25 million worth of short positions will be liquidated.
This large amount of liquidation in short positions compared to large positions signals a bearish trend in ADA.
