ADA, the native token of the Cardano blockchain, seems to be weakening day by day and appears to be losing control over the crucial support level. Today, February 11, 2025, a prominent crypto expert posted on X (formerly Twitter) and shared key levels of $0.67 and $0.81, which are currently providing crucial support for the asset.
The expert noted that if ADA holds this level, there is a strong possibility it could set the stage for a strong rebound.
Despite receiving support from the crucial level, investors and long-term holders have been dumping tokens, as revealed by the on-chain analytics firm Coinglass. Data from spot inflow/outflow shows that exchanges have witnessed an inflow of $4.5 million worth of ADA tokens, suggesting a potential sell-off due to the continuous price decline in recent days.
Following this notable inflow onto the exchanges, there is a strong possibility that the asset could experience selling pressure and a further price drop.
Despite the bearish sentiment among investors and long-term holders, intraday traders are showing a positive attitude toward ADA, as revealed by Coinglass.
At press time, the ADA Long/Short ratio stands at 1.30, indicating strong bullish sentiment among traders. This is the highest Long/Short ratio among the top 10 cryptocurrencies. However, data further revealed that 56.30% of top traders currently hold long positions in ADA, while 43.70% hold short positions.
When combining these on-chain metrics, traders and investors appear to have mixed sentiments.
According to the expert’s technical analysis, ADA has turned bearish as it failed to hold the $0.75 level and has now fallen below the 200 Exponential Moving Average (EMA) on the daily time frame, suggesting the asset is in a downtrend.
Based on the recent price action and historical patterns, if the price drop and bearish market sentiment remain unchanged and the price falls below the $0.65 level, there is a strong possibility it could drop to the $0.50 level in the coming days.
ADA is currently trading near $0.70 and has experienced a price surge of over 2.55% in the past 24 hours. However, during the same period, its trading volume jumped by 60%, indicating heightened participation from traders and investors.
The recent success of utility tokens like Solana has demonstrated the sheer potential of blockchain…
The Pi Network community is buzzing with excitement after rumors surfaced on X that Pi…
Remittix is emerging as a major force in the crypto space, gaining traction as a…
South Korea is taking big steps to catch up with the changing crypto world. After…
Meme coins have emerged from internet jokes into legitimate financial opportunities. Shiba Inu (SHIB) has…
Pepe Coin's jaw-dropping 10,000% pop has reignited investor interest in meme coins and small-cap altcoins…
