Cardano could fall another 12%, according to ADA’s price forecast for August 8
With this ongoing market recovery, most major assets including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) have experienced a significant upside move. However, proof-of-stake (PoS) blockchain Cardano (ADA) remains dull compared to the top 10 assets by market capitalization.
ADA open interest decreased by 8%
At its best, ADA looks like a duper. The number 10, with a market capitalization of over $11.63 billion, is currently trading at around $0.324, down 2% in the last 24 hours. Meanwhile, the volume of ADA transactions also decreased by 37%.
At the same time, open interest (OI) fell by 8%, indicating low interest from traders and investors, according to CoinGlass, an on-chain analyst firm.
ADA price forecast
According to Expert Technical Analysis, ADA is at critical support at $0.321 in the 4-hour time frame. If it gives a breakdown of this level and closes the 4-hour candle below $0.319, there is a high possibility of another 12% drop to the $0.28 level in the coming hours.
On the other hand, if sentiment changes and ADA price increases and the 4-hour candle closes above $0.35, there is a high possibility that it could rise 20% to $0.41 level in the coming days. However, this can happen after the implementation of the hard fork.
Cardano's main liquidity levels
As of now, ADA's main liquid levels are $0.302 on the downside and $0.341 on the upside. If the market sentiment does not change and the price falls to the $0.302 level, it will lose about $1.85 million from its long position. Conversely, if sentiment reverses and ADA rises to the $0.341 level, about $4.25 million of short positions will be eliminated.
This high amount of fluid in short areas compared to large areas indicates the presence of drowsiness in ADA.
