Cardano (ADA) investors who were optimistic of a bullish climb toward $0.90 have been stunned on the crypto market. In the past hour, price volatility has triggered a liquidation imbalance of 18,261% as the price dipped below $0.80.
$1.12 million in long positions liquidated
According to CoinGlass data, long position traders lost $1,120,000 following the price decline. These investors had bet on continued upward momentum for ADA in the midst of the ongoing rally. However, unexpected market volatility took some investors by surprise and caused mild losses.
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As of press time, the Cardano price was changing hands at $0.7888, which represents a 0.55% decline in the last 24 hours. The asset dropped from an intraday high of $0.8322 as a result of price fluctuations. This occurred despite the Relative Strength Index (RSI) being at 58.41, which does not suggest overbought conditions.
Meanwhile, trading volume remains in the green zone by a slight 0.82% at $1.2 billion within the same 24 hour period. The liquidation also affected short position traders as these investors sawa negligible $6,100 of their funds wiped out.
Cardano investors have now lost significant ground as the wait for a rally to the $1 level drags on for now. As on Aug. 8, the asset had inched to less than 50 cents of flipping $1 before market volatility pushed it back down as some holders went for profit.
Charles Hoskinson optimistic on organic Cardano growth
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Despite this setback, Cardano founder Charles Hoskinson remains optimistic that the blockchain will soon witness a large inflow of new users. He maintained that the “glacier drop” will serve as a catalyst for new adoption in the ecosystem.
So far, the adoption pattern suggests Cardano is growing organically and not relying on traditional marketing. The development could support a recovery for ADA as the $1 remains elusive for now.
