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ADA’s $1.04 Resistance Holds $3.28B in Liquidations

Author: Content Editor
ADA’s $1.04 Resistance Holds $3.28B in Liquidations
The price of Cardano (ADA) has dropped by 4% in the last 24 hours to $0.778, amidst overall market volatility. If ADA were to reach $1.04, $3.28 billion worth of liquidations could be activated based on analysis. The market displays substantial leveraged positions, particularly in short positions, which face the highest liquidation risk. ADA faces difficulties in maintaining its support levels due to negative market sentiment and customers adopting a cautious investment approach. The technical level at $1.04 represents a resistance point with concentrated liquidation leverage areas. Any upward trend that reaches this level could trigger a short squeeze and accelerate a bullish market reversal. The current market value for ADA is $0.77 and may continue to decline past $0.74 before finding new lows. The significant leverage in short positions suggests that sudden price movements could lead to increased volatility. If ADA approaches $1.04, it could trigger short sellers to exit their trades, further escalating the market. Prolonged price declines would result in an extended consolidation period before a significant market recovery occurs.

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