The Cardano (ADA) liquidation imbalance soared up by 6,127% in the last hour as long position traders lost $527,000 on the crypto market. This comes as the price of ADA dipped sharply within the period as volatility continues to impact the altcoin.
Cardano price drops below key levels as trading volume declines
CoinGlass data shows that traders betting on a bullish comeback for Cardano were wiped out within the hour. These investors lost over half a million dollars as the price dip triggered massive liquidation.
Notably, investors in the Cardano space were betting on higher figures after ADA reached a peak of $0.2941. The anticipation was high that ADA could finally breach the $0.30 resistance and attempt upward movement.
However, the price slipped suddenly to leave bulls disappointed. As of this writing, Cardano exchanges hands at $0.2762, which represents a 2.88% decline in the last 24 hours. The coin’s outlook is further worsened by crashing volume.
Cardano’s trading volume has dipped by 25.86% to $581.92 million within the same time frame. However, the asset’s Relative Strength Index (RSI), which stands at 72.12, signals overbought conditions, and this offers consolation of a possible rebound.
In Cardano’s liquidation, those betting short on the asset suffered a mild loss of $8,470 within the same period.
Cardano falls out of Top 10 as Hyperliquid overtakes market cap
Amid the ongoing liquidation, Cardano’s bearish outlook has pushed it out of the Top 10 crypto assets by market capitalization
Its price drop leaves its market cap at $10 billion and has been displaced by Hyperliquid (HYPE), whose market cap stands at $10.47 billion.
It is worth mentioning that this displacement can easily be overturned if ADA rebounds in price. So, the Top 10 battle remains in contention amid the ongoing fluctuation on the crypto market.
The last time ADA slipped from the Top 10, it was able to reclaim it when open interest surged in the Cardano ecosystem. A repeat could see that reoccur
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