Cardano Price Key Metrics Collapse, ADA Price at Risk of Falling Below $0.7?

Key Insights:

• Key Cardano price metrics like volume and open interest are falling, hinting at a potential ADA price crash ahead.
• Fears of an epic correction are looking for the top altcoin.
• With functional collaborations still registered onchain, Cardano may record a unique

Cardano (ADA), the ninth-ranked cryptocurrency by market capitalization, has collapsed as some of its key metrics declined. Notably, ADA’s price and volume have dropped in the last 24 hours, triggering concerns in the community.

Cardano (ADA) Price: Bearish Momentum Follows Rejection at $0.85

According to market data, ADA price has lost 4.55% of its value and trades at $0.7623. Similarly, trading volume has declined by 13.04% to $1.15 billion.

Many market participants anticipated the coin could clear its resistance and soar to $0.90 as it briefly breached $0.85.

However, Cardano has faced rejection at this price mark, slipping to its current level, showing that market volatility negatively impacts the asset.

This development cancels out ADA’s strong upward trend in the crypto market. The loss of ground already gained has raised concerns of a possible retracement.

The crypto has recorded a bullish momentum, with ADA jumping by over 15% in seven days, and whales snapped up around 40 million ADA.

However, volatility set in, and the significant drop in trading volume could increase bearish pressure on the asset.

Such a development might see ADA breach the $0.70 support level and crash to between $0.54 and $0.63 in the short term.

Despite this outlook, some optimists consider the current situation as ADA experiencing a correction due to the general crypto trend.

They pointed out that Cardano is not the only altcoin losing value; Ethereum has also experienced its fair share of decline due to market volatility.

Bitcoin, the leading digital asset, has also declined due to broader financial market dynamics.

Cardano Price’s Futures Market Reflecting Weak Sentiment

Cardano’s trading volume is not looking good. The price performance has not inspired investors to commit funds to the coin.

Traders appear to have withdrawn from Cardano and are unwilling to invest until things improve.

According to CoinGlass data, ADA’s Open Interest has declined by 8.95% in the last 24 hours, indicating investors are not ready to commit to the ADA futures market.

As of this writing, traders have committed only 1.17 billion ADA, worth $902.10 million.

For clarity, Open Interest signals the number of futures contracts that investors opened on ADA in fiat currency.

The data suggests that, with less than a billion dollars committed to Cardano, holders are not confident of the asset’s outlook.

The traders who committed their funds to ADA did so mainly through Bitget and Binance, with 21.6% and 21.22%, respectively. In fiat terms, this amounts to $194.86 million and $191.45 million, respectively.

On the two other exchanges, Gate.io and Bybit, traders registered $134.02 million and $120.67 million as funds invested in Cardano’s futures market.

Can Latest Cardano Partnerships Boost ADA’s Value?

Despite the collapse of the current metrics, the Cardano community remains bullish. They expect recent collaborations to impact the market positively.

One such collaboration is the new partnership deal between Input Output Global, one of the Cardano founding entities, and Brave, a privacy-focused browser.

The ecosystem anticipates possible upward price movement as the benefits of this linkup start showing off.

The current ADA price and technical indicators do not suggest the asset is overbought despite the general drawdown.

In a bullish scenario, ADA price could reclaim the $1 price level and even surge to test the $2.50 level if the ecosystem triggers new buying momentum.

The post Cardano Price Key Metrics Collapse, ADA Price at Risk of Falling Below $0.7? appeared first on The Coin Republic.