The entire cryptocurrency market seems to be bleeding. During the sluggish market, the Cardano blockchain native token ADA is ready for a remarkable price decline. This bearish speculation for ADA is based on recent price actions, overall market emotions, and strong traders.
Cardano (ADA) technical analysis and major level
According to Coinpedia’s technical analysis, ADA confirmed its bearish trend by re -testing the breakdown of the trendy line in the order of ascending order. However, Altcoin is currently finding minor support at a level of $ 0.90. Based on recent price actions and historical momentum, if ADA closes daily candles to less than $ 0.90, it may be more likely to decrease by $ 0.70 in the future.
Source: Trading view
Despite this bearish outlook, Altcoin is trading beyond 200 index transfer average (EMA) in a daily time frame, indicating that assets are in the uptrend.
Betting up to short positions
Following this bearish price action, traders are betting on a negative aspect, as revealed by the Oncheen analytical company COINGLASS.
According to Ocheen’s data, short sellers are currently dominating their assets and may settle their bullish positions.
The data is a strong resistance of $ 0.95, indicating that the shortsellers are excessively leveraged and have a short position worth $ 9.65 million. On the other hand, the $ 0.88 level functions as a powerful support, and the Bulls are excessively leveraged and retain a long position equivalent to $ 600 million.
Source: Coinglass
According to these statistics, shortsellers are currently managing assets and can promote ADA prices.
Combining traders’ interests with technical analysis and price actions, ADAs may decline to $ 0.70 in the coming days.
The momentum of the current price
ADA is currently trading nearly $ 0.913, and has dropped more than 3.50 % in the past 24 hours. However, during the same period, the emotions of the bear market fell 22 % compared to the previous day.
