Cardano, the 10th-largest cryptocurrency, extended its slide since the week’s start, now entering its fourth day of dropping since Monday’s high of $0.693.
Amid the drop, Cardano has completed a death cross on its short-term charts, specifically the hourly chart.
The hourly MA 50 has fallen below the hourly MA 200, completing a “death cross” on the Cardano USD hourly chart, reflecting selling pressure in the short term.
ADA/USD Hourly Chart, Courtesy: TradingViewAccording to Ali, a crypto analyst, large Cardano holders took profits in the last three days as the price fell, with 100 million ADA sold by whales in 72 hours.
At press time, Cardano was trading down 5.36% in the last 24 hours to $0.611, in line with the ongoing broader market sell-off, and 4.6% weekly.
Cardano’s next support is envisaged at $0.59 if the declines continue, and in the event of a relief rally, bulls might face resistance at $0.742 and $0.769.
$1.13 billion sell-off hits market
The crypto market, led by Bitcoin, experienced significant volatility in the Thursday session, resulting in over $1 billion in leveraged bets liquidated.
Fresh selling pressure on Thursday saw $1.13 billion in leveraged futures liquidations, with long traders taking the bulk of the losses ($975.66 million), while shorts liquidation came in at $163.11 million.
The Federal Reserve’s 25-basis-point rate cut was followed by cautious remarks from Chair Jerome Powell, impacting market optimism.
As anticipated, the Federal Reserve delivered a widely expected 25-basis-point rate cut on Wednesday, only for Chair Jerome Powell to dampen optimism with cautious comments suggesting that December’s rate cut might not be guaranteed.
Source: https://u.today/cardano-confirms-death-cross-as-major-sell-off-hits-market
