- ADA faces intensified selling pressure after an 8.16% drop ahead of July 25 session.
- RSI at 73.91 signals overbought levels, raising risk of an imminent price pullback.
- $12.4M in liquidations mostly longs highlight trader missteps amid ADA’s downturn.
Cardano (ADA) is under heavy pressure as it heads into July 25, following a sharp decline in its market value. The token is currently priced at $0.7995, reflecting an 8.16% drop over the last 24 hours. This plunge has caught the attention of traders, as the overall trend remains tilted toward the downside.
Price Action and Technical Markers
ADA began the day with a high near $0.8684, a level that quickly met resistance. Sellers overwhelmed buyers at this point, pushing prices down to a daily low of approximately $0.7500. The coin bounced back slightly to hover around $0.7995, but the intraday chart clearly shows a downward trajectory.
Currently, the immediate support rests at $0.75. If this level breaks, ADA could face further losses. Conversely, any attempt at recovery may face resistance in the $0.8250 to $0.8300 range. This zone has blocked multiple recovery attempts, making it a short-term ceiling for the price.
Significantly, the daily trading volume has surged by nearly 49%, reaching $2.32 billion. This spike often signals increased volatility and potential reversals. However, given the downward trend, this uptick likely reflects panic selling rather than renewed investor interest.
Market Metrics and Indicators
ADA’s market cap has dropped to $28.31 billion, a clear indication of investor outflows. Meanwhile, the Relative Strength Index (RSI) is sitting at 73.91. This figure places ADA in overbought territory, suggesting a near-term pullback could be imminent. Historically, such RSI levels have coincided with market tops.
On the MACD front, the line remains above the signal, hinting at a previous bullish momentum. However, the histogram is flattening out, which signals weakening strength in the current trend. If this continues, a bearish crossover may develop.
Liquidations and Exchange Activity
In the last 24 hours, ADA saw $12.4 million in total liquidations. Nearly all of these were from long positions, showing traders expected prices to rise. When that didn’t happen, forced liquidations triggered sharp declines. Notably, Bybit accounted for the majority of these liquidations, followed by OKX and Binance.
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