Cardano ADA Price Hits $0.20 Support Amid 10,000% Liquidation Imbalance

Cardano's ADA price has dipped to $0.20, sparking concerns about its ability to hold support. This comes after a significant imbalance in leveraged liquidations, with long positions accounting for over 10,166% of total liquidations.

In the last 24 hours, a total of $1.17 million in liquidations occurred on ADA, with longs making up $1.16 million and shorts just $11,410.

The sharp imbalance has raised fears about increased volatility if ADA breaks decisively from its current range. The cryptocurrency market as a whole is also experiencing downward pressure due to hawkish remarks from Fed Chair Kevin Warsh at the Jackson Hole event.

Cardano's price drop extends its decline from last Saturday's high of $0.259, with a weekly loss of 9.27%. The project is currently working on its Dijkstra era, with upcoming node releases expected to unlock early functionality for testing.