Cardano (ADA) has made some notable price movements, resulting in shifts in the asset’s ecosystem. ADA recorded a slight gain as the price climbed up from a low of $0.8449 to breach the $0.85 resistance level. This slight movement has triggered mild liquidation for futures traders.
Cardano price volatility around key levels
According to CoinGlass data, in the last hour, long position traders have lost $118,640 due to price variations on the market. The loss was triggered by Cardano’s volatility, as it has not maintained stability despite its slight increase.
The development has stunned investors betting on a massive comeback as the break appears to be delayed. As of press time, Cardano is trading at $0.8538, representing a 10.14% decline in the last 24 hours.
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It is likely this massive dip that triggered liquidation for traders betting long on ADA. Despite the volatility, investors remain active as the trading volume has increased by 8.82% to $2.57 billion within the 24-hour time frame.
Meanwhile, short-position traders also suffered losses, but it seems insignificant compared to the longs. Shorts registered $1,600 in losses in the last 60 minutes.
Cardano’s current setup suggests that investors are engaged in profit-taking. This appears to trigger the volatility seen on the market each time it inches close to the psychological $1 level.
Despite Cardano crossing $1 briefly within the last seven days, bulls could not stabilize ADA’s price due to profit-taking pressure.
ADA’s market ranking dips again amid comeback hopes
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On the broader cryptocurrency market, the gains made by Cardano in flipping Tron and Dogecoin to climb to eighth place have reversed. A bullish breakout had pushed ADA to a market cap of $33.5 billion. As of now, it has dropped back to $30.58 billion.
Market participants would have to hope that the asset rebounds quickly despite the massive liquidation on the hourly chart.
Source: https://u.today/cardano-stuns-with-wild-7315-liquidation-imbalance-price-recovery-soon