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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.