Cardano ADA Price Wobbles: $34M Liquidation Threat Looms

Cardano (ADA) is facing price pressure as significant long liquidation risk emerges. Analysis reveals clusters totaling $34 million poised below the $0.749 support level. Technical indicators like an overheated RSI and a rising MVRV ratio point towards potential short-term holder profit-taking. This could trigger a price drop, potentially pushing ADA towards the $0.68 mark.

This situation underscores the volatility within the cryptocurrency market and highlights the importance of careful risk management for ADA investors. The confluence of technical factors warrants close monitoring of price action in the coming days.