Cardano ADA Slumps to $0.20 Amid $1.17 Million in Derivatives Liquidations

Cardano's ADA has declined to the $0.20 support level, putting leveraged long traders under pressure as the cryptocurrency extends its recent losses.

According to Coinglass data, Cardano recorded $1.17 million in derivatives liquidations over a 24-hour period, with long positions accounting for $1.16 million of those liquidations and short positions recording losses of $11,410.

The figures produced a 10,166% liquidation imbalance, indicating that bullish traders absorbed almost all of the forced closures during the period. ADA was trading near $0.20 after falling 3.66% over 24 hours, bringing its weekly decline to approximately 9.27%.