Is Cardano’s Price Drama Just a Soap Opera? Find Out! 🎭

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So, ADA, the darling of the Cardano blockchain, is suddenly the talk of the town! Why? Because some asset manager decided to file for a Cardano Exchange-Traded Fund (ETF) in the U.S. 🎉 This has sent crypto enthusiasts into a frenzy, like kids in a candy store, resulting in some impressive upside momentum. Or is it just a sugar rush? ðŸĪ”

Cardano (ADA) Losing its Gain

But wait! Just as we thought we were on a rollercoaster ride to the moon, ADA is experiencing massive sell-offs. Surprise, surprise! ðŸŽĒ The price is falling, leaving traders and investors feeling like they just got dumped on Valentine’s Day. 💔

Despite this little hiccup, ADA has managed to reclaim its uptrend, moving above the 200 Exponential Moving Average (EMA) on the daily time frame. It’s like that friend who always bounces back after a breakup! And guess what? Long-term holders are still accumulating the token like it’s the last slice of pizza at a party. 🍕

Current Price Momentum

Currently, ADA is trading around $0.77, having surged over 11% in the last 24 hours. But hold your horses! It hit an intraday high of $0.815 with a 16% gain before the market decided to play hard to get. 😅

Participation from traders and investors has skyrocketed by more than 120% during this wild ride. It’s like a party where everyone suddenly decides to show up! 🎊

ADA Price Action

According to the so-called experts, ADA is at a crucial resistance level of $0.85. It’s like standing at the door of a club and being told you’re not on the list. 😒

If ADA manages to break through that $0.85 level and close a daily candle above it, we might just see it soar by 32% to reach the $1.13 level. Fingers crossed! ðŸĪž

ADA’s Major Liquidation Areas

Right now, traders are taking a mixed approach. The major liquidation areas are near $0.734, where long position holders are over-leveraged with a whopping $18.80 million. Meanwhile, at $0.826, short position holders are also feeling the heat with $18.20 million. It’s like a game of musical chairs, and everyone’s scrambling! ðŸŽķ

When you combine these on-chain metrics with technical analysis, it looks like long-term holders are still in the game, while intraday traders are just trying to ride the wave of current market sentiment. Surf’s up! 🏄‍♂ïļ

2025-02-12 00:51