Alright, Cardano (ADA)—let’s talk about this thing. The long/short ratio is tanking, more people are betting against ADA than rooting for it. It’s like watching everyone leave a party right before you walk in. Suddenly, there’s panic! 🏃♂️💨 Oh no, could ADA really drop below $0.70? (I mean, who picked this number, anyway? Is there an ADA committee somewhere with a dartboard?)
Cardano’s Open Interest: Take a Seat… Or Don’t
Back in July, everyone was having a great time. Cardano rallies up 30%—which, by the way, is more excitement than I’ve had in my knees in years. Probably had something to do with some “macroeconomic news.” You know, news. The kind you can’t pronounce but everyone pretends to understand. 📈🎉
But guess what? It’s a new day, and Coinglass stats are here to ruin the party. Cardano racks up $7.79 million in liquidations. No joke, $7.54 million of that got wiped out just from optimistic dreamers who went long. That’s a whole lot of people betting on green candles, now crying in their pixelated soup. Bam! Sudden drop, everyone runs for the exit. It’s like musical chairs with fake money.
Now, if you like numbers, trading’s up 12%, with $2.54 billion in the 24-hour volume department. People are busy. Maybe a little too busy. But wait—the open interest dropped by 8%, landing at $1.28 billion. You know what that means? Fewer traders have the guts to stick around. So much for diamond hands, huh?
And the long/short ratio? 0.8829—more shorts than longs. About 53% of traders think ADA is going to take a little trip… downward. The crowd is bearish, the mood is sour, and ADA just can’t seem to get over those resistance levels. It’s like trying to get into an exclusive nightclub and the bouncer (market sentiment) just keeps shaking his head. 🙅♂️
ADA’s Next Move: More Drama Than a Soap Opera
ADA slips below its precious 20-day EMA—$0.76 is now just a memory. Current price? $0.7272. Down 4% in a day. It’s dropping faster than my hopes at a family reunion.
There’s some kind of “support” at $0.67, but if that goes, say hello to $0.51… or maybe even $0.339. Price action’s devolving faster than my patience at the DMV. If ADA keeps messing around, we could be stuck in the $0.4 to $0.5 range for ages. It’s basically limbo, but without the fun music.
Now, if ADA actually manages to crawl back above the 20-day SMA, maybe the sellers finally have something better to do. Buyers might take a shot at breaking through resistance—let’s be real, this thing loves its trend lines.
Should the impossible happen and ADA jumps above that annoyingly persistent trend line, you’re looking at a moon shot. Could it hit $1? The RSI level’s almost in the oversold zone at 32. Maybe, just maybe, there’s a bounce coming. Maybe pigs will fly. Who knows? Strap in. 🚀
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2025-08-01 18:59