 
 
Cardano faces a pivotal moment after over $6 million in long positions were liquidated, with ADA retreating from the key $0.80 psychological level.
Long positions are bullish leveraged bets, but sharp price drops can trigger automatic liquidations once key levels are breached. The more than $6M wipeout signals a steep decline, enough to force widespread selling.
Nevertheless, some analysts see this as cleaning out of leveraged exposure, potentially setting the stage for a more stable or even bullish trend once weak liquidation levels are cleared.
For instance, Creepy Cyborg stipulates that with over $6M in longs wiped out, the leverage flush could pave the way for a stronger, more sustainable rally.
Cardano Eyes the $0.90 Zone
According to market analyst Lingrid, ADA is retracing from its recent high to test mid-channel support within a descending wedge, yet its structure remains bullish following July’s explosive breakout.
 
She added, “A breakout above the local trendline could trigger a move toward the $0.88–$0.90 target zone. Bulls are likely preparing for another impulsive push higher.”
At the time of this writing, Cardano was hovering around the $0.7719 zone, according to CoinMarketCap data.
Meanwhile, ADA is set to integrate with Apple Pay, potentially exposing the altcoin to over 500M users and positioning it for broader mainstream adoption.
Source: https://zycrypto.com/cardano-builds-momentum-toward-0-9-as-more-than-6-million-longs-get-closed/