Cardano Price Remains Above Key Support While Facing Resistance
Cardano’s price is currently in a narrow range, trading above support but facing resistance. The next move could see ADA either break higher or drop lower.
Bearish Pattern Identified
- A bearish AB=CD pattern has been completed with a rejection at $0.95.
- This setup suggests potential corrective movement for ADA.
- Currently, ADA is below the 9-day EMA at $0.88, indicating weakened momentum.
- Key support is identified between $0.74 and $0.77; a breach could lead to further declines toward $0.70–$0.68.
- If ADA reclaims $0.90 and establishes support, it may signal a bullish reversal.
Support Holding After Pullback
- Cardano maintains key support just above $0.80, suggesting buyer defense despite bearish trends.
- A successful hold at this level could see ADA rebound towards $1.06, aligning with the 0.382 Fibonacci retracement level.
- If support fails, a backtest may occur, increasing the risk of returning to lower price ranges.
The market is poised for a decision based on how traders react to these critical support and resistance levels.