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Cardano (ADA) Key Support Level Holds Firm Amid Market Volatility
The cryptocurrency market has been experiencing significant volatility in recent hours, with many traders and investors watching the price action closely. In the last 24 hours, a staggering $308 million worth of crypto derivatives positions have been liquidated, according to CoinGlass data. Unfortunately for those who were long, this sum primarily stems from leveraged longs, which is a significant portion of the overall losses.
As a result, many are now focusing on Cardano (ADA) in particular, as its price has reached a crucial juncture. The asset currently sits near $0.69 and $0.64 support levels, respectively. If ADA fails to bounce off these levels, it may lead to further losses and potentially even a death cross.
On the other hand, if Cardano can break above the daily moving averages of 50 and 200, set at $0.754 and $0.723, respectively, this could serve as an early indication that ADA is regaining strength and may be targeting a new high of $1.
The market is likely to influence Cardano’s next move, with investors on edge due to the precarious state of sentiment.
Source: https://u.today/cardano-ada-key-support-level-holds-firm-amid-market-volatility
