Cardano Price at This Level Could Trigger $10 Million Long Squeeze
Cardano's price near $0.264 risks triggering a $9.93 million long squeeze if it drops 4% to $0.253.Summary
Cardano (ADA) is currently trading around $0.264, positioned precariously above a dense cluster of long liquidations totaling $9.93 million, which could be triggered by a mere 4% drop to $0.253. On-chain data indicates that realized losses have contracted significantly from March lows, suggesting capitulation may be easing, with the Network Realized Profit/Loss metric improving to -10.04 million ADA. However, the metric remains negative, indicating net distribution persists, which suppresses buying conviction.
Derivatives data highlights a liquidity pinch: the immediate risk lies below at the $0.253 long liquidation cluster, while short liquidations are stacked above, starting at $0.277 and accumulating up to $20.89 million at $0.300. For bulls to avoid the squeeze, ADA must achieve a sustained daily close above the confirmed resistance zone of $0.2856 to $0.3004, which has capped recent rallies. If the long squeeze occurs at $0.253, the next support level to watch is $0.2438.
(Source：BeInCrypto)