ADA could dip lower under broader market pressure

Key takeaways

• ADA is down 3% and is now trading around $0.2512 per coin.
• The bearish performance could see ADA slip below the $0.2400 support level.

Cardano (ADA) faces renewed selling pressure as bullish interest fades

Cardano (ADA) continues to face significant selling pressure, with the cryptocurrency extending its 4% loss from Wednesday, falling to the $0.2500 at the time of writing on Thursday. 

The decline has been driven by intense long liquidations in ADA futures over the last 24 hours, signaling a diminishing bullish sentiment among traders. For a potential recovery, Cardano must reclaim the 50-day Exponential Moving Average (EMA) at $0.2672.

The broader market sentiment remains mixed, as the US-Iran ceasefire risks being undermined by Israel’s ongoing missile strikes on Lebanon. While Cardano futures initially saw some bullish interest following Tuesday’s ceasefire announcement, this has since diminished.

Data from CoinGlass reveals that liquidated ADA derivatives positions over the past 24 hours totaled $602,370, with $544,540 coming from lo...