$ADA could fall another 12%, ADA price prediction for August 8 - CoinPedia Analytics

Currently ranked number 10 with a market capitalization exceeding $11.63 billion, ADA is trading around $0.324, down 2% in the last 24 hours. Adding to the bearish sentiment, ADA’s trading volume has plummeted by 37% during the same period.

Further dampening the outlook, ADA’s open interest (OI) has dropped by 8%, indicating waning interest from traders and investors, according to on-chain analytics firm CoinGlass.

Technical analysts highlight that ADA is teetering on a critical support level at $0.321 on the 4-hour chart. A breakdown below this level, particularly with a 4-hour candle closing under $0.319, could trigger a further 12% decline, potentially driving the price down to $0.28 in the near term.

However, there is still hope. Should market sentiment shift and ADA manages to close a 4-hour candle above $0.35, the coin could rally by 20%, potentially reaching $0.41 in the coming days. This bullish scenario may unfold after the implementation of the upcoming hard fork.

As of now, the ADA’s major liquidation 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.