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Cardano's ADA is facing a critical test around the $0.20 price level, coinciding with a sharp imbalance in leveraged liquidations.
In the last 24 hours, Cardano saw a total of $1.17 million in liquidations, according to Coinglass: long positions accounted for $1.16 million while shorts came in at $11,410.
The percentage imbalance between long and short liquidations comes in at 10,166%, highlighting how heavily one side of the derivatives market has been affected—this time the longs—raising the possibility of increased volatility if ADA breaks decisively from its current range.
ADA is down 3.66% in the last 24 hours to $0.20 as the crypto market heads lower at the weekend on Fed Chair Kevin Warsh's hawkish remarks at the Jackson Hole event. September rate hike odds have jumped to 42% from 35% a day earlier, according to CME FedWatch. Warsh's speech was highly anticipated, as the Jackson Hole event has often been an occasion for Fed chiefs to prepare markets for key policy changes.
Cardano extended its drop from last Saturday's high of $0.259, now down 9.27% weekly. Yesterday's drop from a high of $0.218 caught bulls unaware, as seen in the majority of liquidations coming from long traders. ADA is currently seeking to hold support at $0.20, with the outcome of this endeavor being watched in coming sessions.
Cardano Dijkstra Gains Momentum
According to Intersect, work toward the Dijkstra era continues across node development, protocol parameters, supporting infrastructure, and node diversity. Upcoming node releases are expected to unlock early Dijkstra functionality for testing.
In this regard, Node 11.1 is currently in pre-release while Node 11.2 is expected within the next 2–3 weeks and will include the Plutus V4 ledger interface. This is expected to provide greater visibility into Dijkstra and enable early testing of its capabilities but should not, however, be considered the hard-fork-ready release.
The feature-complete 11.3 release is expected in the months ahead, with the overall Dijkstra delivery timeline continually being assessed in relation to this node release timeline. In the meantime, SPOs can continue to participate in Leios development on the Musashi testnet, with a rewards program announced earlier this month.
Arman Shirinyan
Dan Burgin
