Cardano Price Faces Bearish Pressure with Potential Drop to $0.65
Cardano (#ADA) has seen a 24-hour increase of 5.64%, currently trading at $0.76 with a market cap of $26.78 billion. Despite this uptick, the cryptocurrency is under bearish pressure below the $1 mark.
Price Analysis
- Daily chart shows a 6.62% intraday pullback, forming a bearish engulfing candle.
- The price trend indicates a drop to the $0.80 psychological support level.
- The next support target is the S2 pivot level at $0.65.
- Potential bullish reversal could occur if broader market conditions stabilize.
- Short-term target remains around $1 if recovery occurs.
Whale Activity
- Whales have offloaded 330 million ADA tokens (~$280 million) without buybacks.
- This activity contributes to bearish sentiment in the market.
Market Sentiment
- Cardano open interest increased by 2.15% in the last 24 hours, indicating renewed trader interest.
- The long-to-short ratio is at 0.9673, suggesting more bearish positions currently.
- Open interest stands at 0.0005%, reflecting a slight premium for long positions.
- If buying pressure increases, ADA may target $0.98; however, failure to hold support could lead to a dip to $0.65.