Cardano Price Dropped by 3% Amid Hawkish Sentiment and Long Liquidation Imbalance

Cardano's price dropped by 3% in the last five hours due to a combination of macro-driven risk-off sentiment and an extreme long liquidation imbalance at the $0.20 support level.

The decline is attributed to Federal Reserve Chair Kevin Warsh's hawkish remarks at the Jackson Hole event, which increased the likelihood of a September rate hike and negatively impacted risk assets, including cryptocurrencies.

Coinglass data shows that there is a 10,166% liquidation imbalance favoring long positions, with approximately $1.17 million in ADA liquidations occurring over the past 24 hours.