ADA Price Reversal Triggers $1 Million in Short Liquidations

Cardano's (ADA) price has triggered over $1 million in short liquidations as margin traders became overly confident it would fall to $0.15.

The situation changed in early August when bears sold aggressively, but instead of moving lower, the price reversed and started climbing.

An impulsive breakout above $0.185 led to a peak of $0.193, causing margin calls to trigger across sellers' positions.

According to CoinGlass's liquidation heatmap, a total of $1.63 million worth of ADA positions was liquidated, with 66% lost by short sellers.