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I noticed that ADA is currently under a lot of pressure. The price is around $0.25 with a 24-hour decline, and honestly, it doesn't look good for buyers. It's clear that support levels are being tested near $0.26, and with each rebound attempt, it falls back down.
What mainly catches my attention is the technical oscillator showing a weakening of momentum. The indicators aren't really signaling a bullish trend for now. Meanwhile, derivatives data indicate massive long liquidations, around $1.76 million in 24 hours. This is a sign that optimistic traders are getting shaken up quite a bit.
Resistance levels are still around $0.31, but with this persistent downward momentum, I feel like we'll first test the supports before considering a rebound. Stay tuned.