ADA Price Prediction: ADA Looks Bearish, Could Drop 12% to the $0.28 Level

ADA is at a crucial support level, if it fails to hold this level it could fall 12% to the $0.28 level. ADA’s major liquidation levels are at $0.302 on the lower side and $0.341 on the upper side.

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ADA’s price has been dull compared to other top assets.

Cardano (ADA) has not seen a significant price飆漲 like other top assets in this ongoing market recovery. While most of the top assets, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), have experienced a substantial upside move, ADA’s price has remained relatively stagnant.

This performance is surprising, especially considering the upcoming major event for Cardano, the Vasil hard fork. The anticipation for this event could have driven more traders' interest in ADA, but its price performance doesn’t reflect this.

ADA’s dull performance could be due to several factors. One possibility is that investors are hesitant to trade ADA because of its recent performance. After a strong rally in H1 2023, ADA’s price has been consolidating for several weeks now. This consolidation could have made investors less interested in trading ADA, especially in the short term.

Another factor that could have contributed to ADA’s dull performance is its technical analysis. According to an expert technical analyst, ADA’s 4-hour chart showed a crucial support level at $0.321. If ADA fails to hold this level and closes a 4-hour candle below $0.319, it could indicate a further 12% drop, bringing ADA to the $0.28 level.

This technical analysis could have discouraged traders from buying ADA, especially in the short term, as it indicates a higher probability of a near-term跌勢.

However, if ADA sentiment changes and the 4-hour candle closes above $0.35, it could indicate a 20% rally, potentially leading ADA to the $0.41 level in the coming days. This scenario could unfold if the hard fork implementation is successful and generates positive market sentiment.

Currently, ADA’s major liquidation levels are at $0.302 on the lower side and $0.341 on the upper side. If the market sentiment remains and ADA price falls to the $0.302 level, nearly $1.85 million of long positions will be liquidated.

On the other hand, if sentiment changes and ADA soars to the $0.341 level, nearly $4.25 million of short positions will be liquidated. This large amount of liquidation in short positions compared to long positions indicates bearishness in ADA.

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