Will it be another bad week for Cardano?
last week didn't help ADA price either, with another 50 basis points hike now likely in 2023. Higher rates typically decrease investors' appetite for risk assets, such as Cardano.to around $111 million, the lowest since January 2021.The past 24 hours have witnessed liquidations worth around $360,000, with long positions losing the most at $341,320. In other words, more bullish traders have closed their positions by selling ADA, which likely added to the downward pressure on June 19.
Furthermore, ADA's intraday price decline on June 19 coincided with the 0.15% rise in the U.S. dollar index . These inverse moves may break their daily positive correlation coefficient in the coming days from the current high of 0.82.Bullish Cardano traders showed resilience to the SEC crackdown two weeks ago, confirmed by a bullish rejection candlestick on June 5.
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