Cardano Price Slips 2% Despite PayPal Launching ‘Pay with Crypto’ – Is $1 Still Imminent?
Highlights:
- Cardano price slips 2% to $0.80, as trading volume plummets 7%.
- The drop comes despite PayPal’s announcement of rolling out over 100 cryptocurrencies for purchases.
- Technical indicators are showing mixed signals, with a potential drop to $0.73.
The Cardano price has dropped 2% to $0.80, as its trading volume slumps 7% to $1.09 billion. The recent drop comes despite Digital payments giant PayPal saying it is rolling out a service that lets US merchants accept over 100 cryptocurrencies in payment for purchases as it aims to cut cross-border fees.
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Cardano Price Slips 2% as $5.68M in Longs are Liquidated
The Cardano price has slipped 2%, reaching an intraday high of $0.84 following recent announcements. The recent drop occurred as many traders using high leverage were forced out of their positions, resulting in $5.99 million in TRX trades being liquidated, primarily long trades.
In total, ADA saw $5.99 million in liquidations, with $5.68 coming from long trades. Across the entire cryptocurrency market, liquidations totaled $428 million in the last 24 hours, with Ethereum leading the wipeout at $133 million.
Cardano price daily chart outlook shows a looming cup and handle pattern. Despite the recent pullback that allowed the bulls to sweep through liquidity, ADA is still maintaining a bullish sentiment. This is reinforced by the 50-day SMA ($0.6756) and the 200-day SMA ($0.7386) acting as the immediate support zone, providing the bulls with a foothold for further upside.
The Relative Strength Index (RSI) currently indicates that ADA is bullish, as it sits above the 50-mean level at 57.53. There is more room for further upside after ADA retraced from the 82.01 overbought zone, sweeping enough liquidity.
Nevertheless, the Moving Average Convergence Divergence (MACD) indicator shows that a sell signal is in play. This is reinforced as the blue MACD line (0.0436) has flipped below the orange signal line (0.0509). In such a scenario, traders should be cautious, as the sell signal indicates that the Cardano price may continue to drop if the bulls fail to regain momentum.
ADA Eyes 28% Gains If Bulls Gain Momentum
Looking at the technical indicators, it seems Cardano price could be gearing up for a massive rally. If the cup and handle pattern comes into play, the ADA bulls could rally towards $1.03, marking 28% gains from current levels. However, the MACD’s blue line dipping below the orange signal line is a red flag, showing momentum is shifting, and fast. If ADA busts below $0.73 with conviction, the next stop could be $0.67, aligning with the 50-SMA support. A worst-case scenario would be a crash toward $0.62-$0.54 if panic sets in.
On the flip side, if bulls step in and push past $0.90, Cardano price might dodge the bullet and aim for $1.13. Meanwhile, the 2% drop is not a lock, but the chart is showing warning signs. Traders might want to keep an eye on the key zones and the RSI dip.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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