Cardano Shorts Bloodbath Triggers 4,146% Liquidation Imbalance In 1 hour

Key Points

1. Cardano's price spiked over 15% in 24 hours, reaching $0.7260, with trading volume up 55.84% to $1.76 billion.

2. Short position liquidations totaled $274,620 in one hour due to the sudden price surge, while long positions saw $6,470 in liquidations.

3. The broader cryptocurrency market surged 6.29%, with Bitcoin hitting a new all-time high above $118,000.

4. Technical indicators suggest ADA could target the $1 level if momentum continues, though profit-taking at $0.75 may pose a hurdle.

5. Cardano's Bollinger Bands indicate a potential breakout, but sell pressure could impact its upward trajectory.