Cardano Price Plunges Below Key Support Zone Amid Bearish Market Structure
The price of Cardano's ADA token has broken below a key support zone that had flipped from resistance to support, shifting the short-term market structure towards a bearish bias.
This development changes the near-term picture completely, and where ADA goes from here depends on whether this lost zone gets reclaimed or not.
According to Cardanians on X, beyond the chart, there is a longer-term structural story building around Cardano.
ADA is set to reach six months of regulated CME futures trading in August, which under the SEC's Generic Listing Standards, can satisfy one of the requirements used when exchanges seek approval for certain spot crypto ETFs.
This milestone ties into spot ADA ETF eligibility and is being watched as a potential catalyst further out.
Liquidation activity over the past day shows longs taking the bulk of the damage as ADA broke down, with $232.37 liquidated, split between $214.61 in longs and $17.76 in shorts.
The wider windows tell an even more lopsided story, with total liquidations reaching $34.15K over 12 hours, made up of $17.43K in longs and $16.72K in shorts.
Across the full 24 hours, liquidations hit $791.35K, with longs accounting for $772.13K of that figure.