Cardano Builds Momentum Toward $0.9 as More Than $6 Million Longs Get Closed
Main Idea
Cardano (ADA) experiences significant liquidations and price fluctuations, with potential for a rally toward $0.90 if key resistance levels are breached.
Key Points
1. Cardano's price retreated from the $0.80 psychological level, leading to over $6 million in liquidations.
2. Analysts suggest the liquidation flush could pave the way for a stronger, more sustainable rally.
3. A breakout above the local trendline could trigger a move toward the $0.88–$0.90 target zone.
4. At the time of writing, Cardano was trading around $0.7719.
Description
Cardano faces a pivotal moment after over $6 million in long positions were liquidated, with ADA retreating from the key $0.80 psychological level.
$ADA
$0.7163
-1.38%
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