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Cardano may be approaching an imminent short-term support as liquidation data shows ADA punishing the bulls more.
Notably, Cardano (ADA) is facing renewed downward pressure, with its price slipping further in the past 24 hours and deepening a multi-week decline. As bearish sentiment grips the broader crypto market, the coin now trades below $0.50, a psychologically important level, and is testing key support amid declining investor confidence.
Over the past 24 hours, ADA has seen a modest decline of 2.4%, continuing its recent downward momentum. Looking at the 7-day performance, ADA has fallen sharply by 15.6%, marking a significant weekly loss.
Cardano Price Analysis
On the technical end, the daily chart reveals ADA consistently trading below the middle Bollinger Band (20 SMA), which currently sits near $0.5577. The upper and lower bands, at $0.6452 and $0.4701 respectively, highlight a potential contraction in volatility, often a precursor to a potential breakout or breakdown.
At the moment, ADA is hovering near the lower Bollinger Band, indicating that it remains in oversold territory and may be approaching a short-term support zone.
The Stochastic RSI at the bottom of the chart supports this view, with the %K and %D lines respectively at 15.79 and 11.23, well below the typical oversold threshold of 20.
This suggests that bearish momentum could be nearing exhaustion, and a short-term bounce or relief rally may be possible. However, as long as ADA remains below the midline of the Bollinger Bands, any upward movement is likely to meet resistance around the $0.55–$0.56 zone.
Cardano Liquidation Data
Meanwhile, the latest ADA liquidation figures show a spike in leveraged market activity, with a total of $2.84 million liquidated over the past 24 hours. The data shows that, of this figure, long positions accounted for $2.65 million, compared to just $192.17K from shorts.
This imbalance suggests that a majority of traders were betting on upward price movement, only to be caught off guard by ADA’s continued bearish price action.
In the shorter-term windows, the trend is similar but less severe. Over the past 12 hours, liquidations totaled $176.56K, with $157.27K coming from shorts and only $19.29K from longs, a sign of a possible intraday reversal or price spike that hurt overleveraged bearish positions.
The 4-hour chart shows a smaller $59.87K in total liquidations, dominated again by shorts ($54.31K), suggesting a brief upward move triggered stop-losses on bearish trades.