Cardano’s latest decline continues to look more like a leveraged-long cleanup than an aggressive buildup of fresh short positions, with #ADA now trading around $0.1722 after losing the $0.1762 daily pivot.
At a Nov. 9, 04:45 UTC derivatives snapshot, ADA had fallen approximately 1.9% over 24 hours, while combined Binance and Bybit open interest contracted 4.5% to roughly $98.4 million.
Price falling alongside open interest generally indicates that existing leveraged positions are being closed or liquidated. By contrast, a decline accompanied by rising open interest would provide stronger evidence that traders are adding fresh positions into the selloff.
ADA Longs Absorb Almost All Recent Liquidations
Liquidation data reinforces the deleveraging setup.
Across Binance and Bybit, approximately $2.1 million in ADA positions were liquidated over the measured 24-hour period, with roughly 99% coming from longs.
Only about $27,000 in short positions were liquidated.
This indicates that the latest decline has primarily forced out traders positioned for higher ADA prices rather than triggering a major short squeeze in the opposite direction.
The Crypto Basic recently reported that nearly 74% of Bybit ADA accounts remained long despite an earlier liquidation wave, showing how heavily bullish positioning had become before the latest decline.
More Than $200M in ADA Open Interest Remains
The leverage reset is significant, but it has not emptied Cardano’s derivatives market.
Across Binance, Bybit, OKX, Gate and Hyperliquid, aggregate ADA open interest remained near $206.4 million at the Nov. 9 snapshot.
That means substantial leverage is still active and capable of amplifying another sharp move.
The decline is also occurring alongside persistent sell-side order flow. Earlier data showed ADA taker sellers exceeding taker buyers by $116.7 million over 30 days.
Together, the data points to a market where aggressive selling is forcing leveraged bulls to reduce exposure.
ADA Loses $0.1762 as $0.1705 Comes Into Focus
ADA’s move to $0.1722 changes the short-term technical structure.
The daily pivot at $0.1762 has now been lost, leaving $0.1705 as the next completed-candle support.
That level sits only around 1% below the $0.1722 reference price.
If $0.1705 fails, the next daily support appears near $0.1658, roughly 3.7% below current price. The weekly S1 level is also nearby at approximately $0.1640.
This puts ADA directly into an important downside zone.
A continued decline toward $0.1705 while open interest keeps contracting would remain consistent with additional long deleveraging.
The market structure would become more concerning if ADA keeps falling while open interest begins increasing, as that combination could signal fresh leveraged positions entering the decline, including new shorts.
$0.1762-$0.1827 Becomes the Recovery Zone
The upside structure has also shifted.
Since ADA has already fallen beneath $0.1762, that former pivot now becomes the first level buyers need to reclaim.
From $0.1722, a recovery to $0.1762 would require a gain of approximately 2.3%.
Above that, the next resistance sits around $0.1809, followed by the more important weekly pivot at $0.1827.
Reaching $0.1827 from $0.1722 would require an advance of roughly 6.1%.
The $0.182 area has repeatedly mattered for Cardano. The Crypto Basic previously highlighted ADA’s rebound from $0.1824 as an important recovery attempt, but the latest selloff has since pushed price below that region.
For now, the derivatives structure remains more consistent with bullish leverage being flushed out than a large new short build.
The next observable test is whether ADA can stabilize around $0.1705 as open interest stops falling. A break beneath that level would expose $0.1658, while a reclaim of $0.1762-$0.1827 would provide the first evidence that the deleveraging phase is easing.