Coinbase's cbADA Move: Cardano Price Continues to Decline

Coinbase has launched the wrapped version of Cardano, cbADA, on Ethereum's Layer-2 network, Base. This move aims to integrate Cardano's liquidity into Ethereum-based DeFi platforms. However, despite the announcement, the expected positive impact on the ADA price was not observed; the cryptocurrency has decreased by about 3% in the last 24 hours, dropping to the $0.564 level.

Despite the cbADA Launch, Demand Remains Weak

cbADA, launched by Coinbase, is backed by real ADA at a 1:1 ratio and aims to provide Cardano integration into Ethereum-based DeFi projects. However, this innovation did not generate significant interest in the market in the short term. While ADA's trading volume increased by about 10%, this increase indicated selling pressure. The daily volume was measured at $649 million.

The increase in trading volume with the price drop indicates that investors are liquidating their positions. This situation reveals that bearish market sentiment towards ADA is gaining strength and the downtrend may continue.

Short Positions in Futures are Increasing

The long/short position ratio of ADA in the futures market also supports the bearish expectation. The current ratio is at 0.96, indicating that the majority of traders are betting on a price decline. A ratio below 1 indicates that bearish positions are more than long positions and signals that the downtrend could continue.

Technical Data Supports Bear Pressure

In the daily ADA/USD chart, the Balance of Power Indicator (BoP) is hovering at -0.18. This negative value indicates that sellers are increasing their dominance in the market and buying pressure remains weak. The technical outlook suggests that Cardano could decline to the $0.511 level in the short term.

However, if demand in the market increases again, there is potential for the ADA price to recover towards the $0.642 level. In the short term, investors need to be cautious between these two levels.


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