Cardano (ADA) is currently trading at $0.4258, marking a 2.2% decline in the past 24 hours. The cryptocurrency's 24-hour trading range has been between $0.4401 and $0.4255. Its market capitalization stands at $15.61 billion, with a circulating supply of 36.64 billion ADA.
Over the last seven days, Cardano has seen a gain of 9.4%, while its 14-day performance shows a more modest increase of 1.8%. This suggests that while ADA is experiencing some short-term recovery, its longer-term performance has been facing challenges. Investors are closely monitoring the upcoming price movements to determine if the recovery can be sustained.
Cardano's Potential Direction
From a technical perspective, a daily TradingView chart for ADA illustrates a Fibonacci retracement pattern, which outlines key support and resistance levels. ADA is presently trading at $0.425. The 0.236 retracement level, located at $0.43594, is acting as the immediate resistance and represents the upper boundary of recent price action. Should the price successfully break above this level, ADA could potentially target the 0 Fibonacci retracement level at $0.456.
Conversely, the 0.5 Fibonacci level at $0.4136 is identified as an immediate support zone, which might attract buying pressure if the price experiences further retracement. The 0.618 level, situated at $0.4037, represents a more significant support level, indicating a deeper retracement in the event of a larger market correction.
The Relative Strength Index (RSI) is currently at 42.46, a reading that suggests ADA is neither in overbought nor oversold territory. This indicates neutral momentum, with the potential for future movement in either direction contingent upon broader market conditions.
Ultimately, a decisive break above $0.4359 could initiate a bullish trend. Conversely, a decline below $0.4136 might signal a bearish trend, potentially targeting lower price levels around $0.4036.
ADA Liquidation Data Analysis
In other developments, liquidation data for Cardano highlights notable market volatility over the past few hours. Within the last four hours, liquidations totaling $13.06K have occurred. Of this amount, $11.68K originated from long positions, while $1.38K came from short positions.
Over a 12-hour period, total liquidations reached $182.52K. A significant portion, $180.27K, was from long positions, suggesting a bearish shift in the market or a price correction is underway.
Furthermore, the 24-hour liquidation data reveals a total of $485.74K in liquidations. Long positions accounted for $358.53K of this total, reflecting ongoing pressure on traders holding long positions amidst the fluctuating market environment.