| Cryptocurrency | Price (USDT) |
|---|---|
| BTC | $107336.5300000000 |
| ETH | $2435.2410000000 |
| BNB | $649.4298600000 |
| XRP | $2.1860280000 |
| ADA | $0.5622688000 |
| SOL | $150.1401000000 |
| DOGE | $N/A |
| DOT | $3.4037000000 |
| LTC | $86.5775000000 |
| LINK | $13.3517200000 |
Category: CRYPTO NEWS
The post Cardano (ADA) Breaks $0.70 Support as Bearish Pressure Mounts appeared on BitcoinEthereumNews.com. The cryptocurrency, which recently tested resistance near $0.95, has faced a sharp decline, triggering concerns among investors. Cardano (ADA) has succumbed to mounting bearish pressure, slipping below the $0.70 mark amid a broader market downturn as the market reacted to the Trump tariffs. ADA’s price drop represents a significant shift in momentum, as the asset struggles to hold key support levels. A daily close below $0.70 could further expose ADA to downside risks, potentially accelerating its correction. Despite the pullback, ADA remains above its 200-day Exponential Moving Average (EMA), indicating that the broader uptrend is not yet invalidated. However, traders are now watching closely to see if the current support holds or if further declines are on the horizon. Short-Sellers Dominate as Bears Tighten Grip Cardano (ADA) has suffered a sharp decline, plunging 22.69% in the past 24 hours to trade at $0.69. The sudden downturn has rattled investors, marking one of the steepest single-day losses for the asset in recent weeks. ADA, which recently attempted to break through resistance near $0.95, has instead faced intense selling pressure, dragging it below key support levels. On-Chain Insights suggests Cardano (ADA) price could retest support at $0.70. Source: CardanoFeed According to data from on-chain analytics firm CoinGlass, short-sellers are exerting significant control over ADA’s price movement. The $0.95 resistance level has seen an influx of short positions totaling $9.65 million, indicating that many traders are betting against the asset. Conversely, bulls have placed long positions worth $6.30 million at the $0.88 support level. Open Interest Surges, Hinting at a Potential Rebound Despite ADA’s price struggles, investor confidence remains evident in the futures market. Open interest in Cardano has surged to 1.31 billion ADA, equating to approximately $1.21 billion, indicating strong engagement from traders. Analysts suggest this trend could lead to increased liquidity,…
2025-02-04T04:45:11+00:00