<p>The post <a href="https://coinpedia.org/price-analysis/cardano-could-fall-another-12-ada-price-prediction-for-august-8/">Cardano could fall another 12%, ADA price prediction for August 8</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In this ongoing market recovery, most of the top assets including <a href="https://coinpedia.org/news/will-bitcoin-crash-again-insights-from-industry-experts/">Bitcoin (BTC)</a>, Ethereum (<a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>), and Solana (<a href="https://markets.coinpedia.org/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) have experienced a significant upside move. Whereas, the <a href="https://coinpedia.org/glossary/pos/" target="_blank" rel="noreferrer noopener">Proof-of-stake</a> (PoS) blockchain Cardano (<a href="https://markets.coinpedia.org/cardano/" target="_blank" rel="noreferrer noopener">ADA</a>) remains dull compared to the top 10 assets by market capitalization.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-ada-open-interest-declines-by-8"><strong>ADA open interest declines by 8%</strong></h2> 
<p>With its decent performance, ADA looks bearish. At number 10 with a market capitalization of over $11.63 billion, it is currently trading near $0.324 and has experienced a price drop of 2% in the last 24 hours. Meanwhile, ADA’s trading volume also dropped by 37% during the same period.</p> 
<p>At the same time, its open interest (OI) also dropped by 8%, which signals lower interest from traders and investors, according to an on-chain analytic firm CoinGlass.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-ada-price-prediction-nbsp"><strong>ADA price prediction&nbsp;</strong></h2> 
<p>According to expert technical analysis, ADA is at a crucial support $0.321 level in a 4-hour time frame. If it gives a breakdown of this level and closes a 4-hour candle below $0.319, there is a high chance it could fall another 12% to the $0.28 level in the coming hours.</p> 
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/08/08000403/ADAUSD_2024-08-08_00-03-48.png"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/08000403/ADAUSD_2024-08-08_00-03-48-1024x448.png" alt="" class="wp-image-335867" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/08000403/ADAUSD_2024-08-08_00-03-48-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/08000403/ADAUSD_2024-08-08_00-03-48-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/08000403/ADAUSD_2024-08-08_00-03-48-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/08000403/ADAUSD_2024-08-08_00-03-48-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/08000403/ADAUSD_2024-08-08_00-03-48-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/08000403/ADAUSD_2024-08-08_00-03-48.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure> 
<p>On the other hand, if sentiment changes and ADA price soars and gives a 4-hour candle closing above $0.35, there is a high chance it could rally 20% to the $0.41 level in the coming days. However, this will potentially happen following the implementation of the hard fork.&nbsp;</p> 
<h3 class="wp-block-heading" id="h-cardano-major-liquidation-levels"><strong>Cardano major liquidation levels</strong></h3> 
<p>As of now, the ADA’s <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noreferrer noopener nofollow">major liquidation</a> levels are near $0.302 on the lower side and $0.341 on the upper side. If the market sentiment remains unchanged and the price falls to the $0.302 level, nearly $1.85 million of the long position will be liquidated. Conversely, if sentiment changes and ADA soars to the $0.341 level, nearly $4.25 million of short positions will be liquidated.&nbsp;</p> 
<p>This large amount of liquidation in short positions compared to large positions signals bearishness in ADA.</p> 
<p>Also Read : <a href="https://coinpedia.org/price-analysis/top-3-ai-altcoins-to-stack-for-100-upside-this-august/" target="_blank" rel="noreferrer noopener">Top 3 AI Altcoins To Stack For 100% Upside This August!</a></p>

Cardano could fall another 12%, ADA price prediction for August 8

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