- Cardano crypto has witnessed a considerable decline in options volume over the last 24 hours.
- Over the last 1 year, the ADA crypto price has advanced by 16%.
Cardano, led by Ethereum co-founder Charles Hoskinson, is a Proof-of-Stake blockchain platform supporting smart contracts and dApps. Its Ouroboros consensus aims for environmental sustainability. ADA facilitates transactions, governance, and staking rewards.
The total value locked for the Cardano crypto has recently declined slightly. As of March 13, 2024, the TVL for crypto was worth $500.33M, which has declined to $287.2M. The following phenomenon represents the decline in interest and confidence in crypto protocol.
Moreover, the stablecoin market cap of the crypto is worth $19.8M, and the total amount raised by the crypto is worth $62.24M. The crypto market cap has been trading flat over the last 24 hours. This has resulted in a slight decline of 0.24% in the market cap.
The value of the traded volume of the crypto further has witnessed a slight surge of 9.2% over the last 24 hours. Additionally, Cardano is the 10th largest cryptocurrency in the global cryptocurrency market and has a market cap value of $16.214B.
The market cap and the traded volume of the crypto result in a volume/market cap ratio of 1.81% for the crypto. Also, the market cap dominance of the crypto is 0.69%, and the volatility of the crypto is also high, resulting in 12.21%.
Cardano has a high supply inflation of 5.39%, resulting in a total supply of 36.841B ADA. Furthermore, the current circulating supply of the crypto is 79.21% of the maximum supply. This further results in 35.643B ADA and a fully diluted market cap of $20.461B.
Cardano Crypto Derivatives Data Overview
As of the Coinglass liquidation chart, higher long liquidations can be seen recently. It shows that a continuous profit booking is being made in Cardano crypto.
Following the activity of the last 24 hours, a surge of 18.2% in the derivatives traded volume of the crypto can be seen. This is further followed by a small advance of 3.03% in the open interest of the crypto.
The options volume for the crypto further witnessed a considerable decline of 92.9% in just the last 24 hours. This is further followed by options open interest worth $374.92K. Also, a higher long liquidation of $240.46K is recorded against the short liquidation of $93.96K.
ADA Crypto Technical Analysis
From October 2023, ADA crypto followed a strong uptrend, and the price consistently climbed higher in the chart. The following uptrend led to a swing high of $0.8102, and the price since then started to witness profit booking from the higher levels.
The following uptrend also formed a rising wedge pattern, and the price of the ADA crypto failed to sustain the higher levels and broke down below the pattern. Following a consistent formation of the lower lows, the crypto price declined to the CMP of $0.4543.
Based on the declining wedge pattern, further lower-level targets are pending. Thus, we may see a further decline in the trading price of crypto in the coming days.
ADA/USD Chart by TradingView
After facing resistance at the 200-day and the 20-day EMA, the ADA crypto price continues to decline to lower levels. Additionally, the 20 and the 200-day EMAs have formed a bearish cross. During the 50 days, EMA also fell towards the lower levels on the daily crypto chart.
The MACD indicator further shows uncertainty in the price as the metrics of the indicator are trading in negative territory. Despite this, the MACD line broke above the signal line. This is a sign of bullishness, but the overall scenario shows weakness in the price.
The RSI on the daily chart of the ADA crypto has been consistently declining from higher levels and dipping to the oversold zone. This oscillator behavior shows the strong dominance of sellers.
Summary
Cardano investors should exercise caution due to declining options volume, a recent drop in total value locked, and profit booking evident in liquidations. With a bearish technical outlook, including a breakdown from a rising wedge pattern and indicators signaling weakness, further downside potential may be looming for ADA.
Technical Levels:
- Support levels: $0.240 and $0.4080
- Resistance levels: $0.6230 and $0.810
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.