- With a bearish sentiment stronger than my Aunt Edna’s meatloaf, ADA might just drop 15% to hit the $0.71 level. Yikes!
- On-chain metrics show that exchanges have seen a whopping $30 million outflow in ADA tokens. Talk about a cash grab!
In the midst of this bearish circus, Cardano [ADA] is ready to take a nosedive, thanks to some bearish confirmation on its daily timeframe. It’s like watching a bad movie—everyone knows how it ends!
And let’s not forget the traders! Their bearish activity is like a bad joke that just keeps getting worse. 🎭
Traders Heavily Shorting ADA
According to the crystal ball of on-chain analytics, Coinglass, traders are betting on the short side like it’s the last slice of pizza at a party. 🍕
Data reveals that long-position holders are over-leveraged at $0.85, with a staggering $4.10 million worth of long positions. I mean, who needs a safety net, right?
Meanwhile, short sellers are flexing their muscles, over-leveraged at the $0.912 and $0.926 levels, holding a jaw-dropping $16.77 million worth of short positions. It’s like a heavyweight boxing match, and they’re winning!
This on-chain data shows that short sellers are three times stronger than long-position traders. It’s a bearish signal, folks! Time to grab the popcorn! 🍿
Investors’ Bullish View
But wait! Not all hope is lost! Long-term holders and investors see this market sentiment as a golden opportunity to scoop up ADA tokens like they’re on sale at a clearance rack. 🛒
Data from Spot Inflow/Outflow reveals that exchanges have seen a $30 million outflow in ADA tokens over the past 48 hours. Looks like some folks are ready to party! 🎉
Some experts are calling this outflow an ideal long-term buying opportunity. Who knew a bear market could be so… inviting?
When you mix these on-chain metrics, it seems ADA is bearish in the short term but bullish in the long run. It’s like a rollercoaster ride—hold on tight!
Cardano’s Technical Analysis and Upcoming Levels
According to AMBCrypto’s technical analysis, ADA is looking bearish as it has successfully retested the ascending trendline breakdown level and is now on a downward spiral. Whee! 🎢
Based on recent price action and historical momentum, ADA could drop by 15% to reach $0.71 in the coming days. But hey, who doesn’t love a good cliffhanger?
However, the overall market is under significant pressure due to traders’ strong bearish outlook. This could further strengthen ADA’s bearish trend. Buckle up, it’s going to be a bumpy ride!
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2025-02-03 21:16