- ADA crypto’s trading price has declined by 2.5% in the last 24 hours.
- Cardano has high liquidity compared to its market cap.
Cardano is a PoS blockchain platform that aims for flexibility, sustainability, and scalability. It uses Ouroboros to validate transactions and ADA to pay fees and earn rewards. It has eras for development and governance.
Cardano has a stablecoin market cap of $18.44 Million and the fully diluted market cap is $21.705 Billion. Additionally, its market cap is $17.146 Billion and its market cap ranking is #8.
Cardano crypto has a volume/market cap ratio of 1.99% and the market cap dominance of the crypto is 0.98%. The trading volume of the crypto has further witnessed an advance of 31.1% in the last 24 hours.
The total supply of the crypto is 36.599 Billion ADA and it has a max supply of 45.0 Billion ADA. Additionally, the circulating supply of the crypto is 35.434 Billion ADA which is 74% of the max supply.
As per Coincodex, the market sentiment for the crypto is bearish and it is highly volatile with a volatility of 5.27%.
Cardano Crypto Derivatives Analysis
Cardano crypto has witnessed a higher long liquidation of $463.43K indicating the dominance of sellers in the crypto. The short liquidation for the crypto is $82.92K.
The long/short ratio of the crypto is 0.8943 and the derivatives volume has increased by 36.8% in the last 24 hours. The open interest of the crypto has declined by 1.04% and the options volume has witnessed a huge decline of 92.94%.
ADA Crypto Technical Analysis
After increasing by more than 180% from the swing lows, the Cardano price is currently facing resistance and is slowly declining to lower levels. For further increases in the price, the price will have to break above the swing high of $0.700.
ADA/USD Chart by TradingView
Although the 50-day and the 200-day EMAs are forming a golden cross, the price of the crypto has declined below the 50-day EMA. The ADA crypto price is also forming a bearish candlestick pattern on the chart.
The MACD and the signal lines have also declined below the zero level and the bullish histograms are fading, indicating a bearish reversal in the price.
The RSI is sustaining below the 50-level and has also declined below the 14-day SMA, which shows a decline in the momentum of the price.
Summary
Cardano is a PoS blockchain platform that faces resistance and decline in its price. ADA has low market cap dominance, high volatility, and high liquidation. The technical indicators are also bearish, suggesting a further downside for the crypto.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.