Cardano liquidation data paints a bearish scenario for network ahead of key upgrades – ADA price analysis

  • According to recent data from Coinglass, the popular altcoin Cardano (ADA) has notably declined, after liquidations in the last 24 hours shot up to a staggering $1.22 million. 
  • Crypto analyst Dan Gambardello is bullish on ADA despite the current price dip, and expects the asset to soar to $15 in the next bull run.

Cardano (ADA) is a leading altcoin in the cryptocurrency market. The altcoin has managed to maintain its spot on the top 10 categories for a long time now and continues to make rounds in the cryptocurrency market, amongst traders and investors alike, who are always on the lookout for new favorite crypto to trade or invest in.

However, recent data in the crypto market has revealed ADA’s current position amongst market players in the industry. It appears that sentiments for ADA are not as positive as they were in previous times, as the number of liquidations has shot up.

According to the liquidation data from Coinglass, a cryptocurrency futures trading & information platform, a whopping $1.22 million worth of ADA has been liquidated in the last 24 hours. In the last 12 and 4 hours, $1.12 million and $897.59 worth of ADAs have also been liquidated.

When expanded further, data from the Coinglass goes on to reveal that the current long positions for ADA, are significantly lesser than its counterparts in the market. An increase in long position could imply that the long-term market sentiments are largely positive for an asset. At this time, the data on ADA might imply that investors might not be as confident in the asset at this time.

Analyst predicts ADA will hit $15 after Cardano’s wallets hit 4 million

The recently recorded liquidations come not long after the altcoin recorded a massive increase in network activity. Cardano recorded a transaction of a staggering 204 billion ADA. The staggering transaction volume seems to hint that there is an increased demand for Cardano smart contracts on the network.

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Meanwhile, one Crypto analyst has disclosed his bullish stance on the altcoin. According to his price prediction, the analyst believes that ADA price can increase by more than 43x its current price. The analyst, Dan Gambardello, took to his YouTube channel to make the bullish call, saying that ADA has the capacity to soar to $15 in the next bull market.

Although Gambardello notes that the Ethereum blockchain is more solid than Cardano’s, he believes that the network is experiencing the same level of growth as Ethereum. His predictions come after the Cardano network wallets hit 4 million. And market cap taps $12 million.

At the time of this report, our data shows that Cardano (ADA) has managed to clear up 7-day losses. However, losses sustained within the last 24 hours and 1 hour have reached 3.62% and 1.99% respectively. Prices are currently at $0.34 at press time.

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About Author

Olivia Brooke has been writing about cryptocurrencies since 2018. She’s currently fascinated by NFTs, and she remains committed to learning and writing about the broader cryptocurrency industry.

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