The price of Cardano (ADA) recently fell short of reaching $0.80 and has now declined to $0.75, causing concerns about its short-term prospects. On-chain analysis suggests that ADA could slip even lower than its recent levels, with the liquidation heatmap indicating a potential decrease. The concentration of liquidity on the heatmap has shifted to $0.69, which aligns with the prevailing market conditions and could result in a drop in ADA's price from $0.75 to $0.69. The drop in trading volume further supports the potential decline in Cardano's price, indicating reduced demand. The Bollinger Bands on the daily chart suggest that ADA could face a drawdown below $0.68, and if selling pressure increases, it could drop to $0.63. However, if there is a resurgence in buying pressure and an increase in volume, the value of Cardano could rise to $0.82.



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