ADA, the cryptocurrency of the Cardano blockchain, has experienced a 13% price drop in the past 24 hours, reaching a crucial support level of $0.65. Technical analysis suggests that this support level has historically acted as a strong price reversal zone. The daily chart is showing a bullish signal with indicators displaying a bullish divergence. The formation of a double-bottom price action pattern on the daily timeframe also indicates potential recovery and upside momentum for ADA. Whales and long-term holders have been accumulating ADA tokens, as evidenced by a significant outflow of $22 million worth of ADA tokens from exchanges. This accumulation suggests buying pressure and further upside potential. However, traders are betting on the short side, anticipating further decline in ADA's price. Liquidation areas are at $0.663 on the lower side and $0.708 on the upper side, with traders being over-leveraged at these levels. Bears remain active and dominant in the market.



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