Cardano Price Surge Faces Resistance at $1.17 Amid Selling Pressure
Cardano's price has surged, challenging the $1.17 resistance level, a significant psychological barrier. Current market conditions suggest:
- Overbought status may lead to consolidation or correction as profits are taken.
- Failure to breach $1.17 could result in a decline towards the $0.9077 support zone.
- Technical indicators show increasing selling pressure and a downward trend in the Relative Strength Index (RSI).
- A break below $0.9077 could trigger further declines towards $0.8119.
Potential Bullish Scenarios
- The $0.9077 support is critical for a potential rebound; strong buying could allow ADA to challenge resistance levels again.
- A successful breakout above $1.17, supported by high trading volume, could lead to targets of $1.58 and beyond.
- Maintaining key support levels is essential to avoid further declines.
Traders are monitoring for signs of stabilization before anticipating upward movement.
