Cardano’s ADA is currently trading below the crucial $1 mark and is down by more than three percent in the last 24 hours. The coin is facing resistance at a crucial level known as the “golden pocket.” This resistance is between $1.13 and $1.23. Analyst Josh of Crypto World gave a detailed analysis in his latest video. Here’s a breakdown of the analysis:
Right now, Cardano is testing its 50% Fibonacci retracement level, which previously acted as resistance but should now serve as support. This level is around $0.82 to $0.83. If Cardano holds above this range, it may find support here and bounce back. However, further downside could be expected if the price drops below this level.
If Cardano manages to break through the golden pocket resistance zone (between $1.13 and $1.23), the next major target could be around $1.76. However, this move will only happen after a confirmed breakout above the resistance zone, which has not occurred yet.
Cardano is currently in a descending parallel channel, indicating a short-term bearish trend. While the long-term outlook remains bullish, with higher lows and higher highs, the short-term trend is currently down.
For the short-term, Cardano is testing a golden pocket support level between $0.88 and $0.89. If this level breaks, the next support could be around $0.83. If that doesn’t hold, the price may drop further toward $0.76 to $0.77.
Curious about the future of Cardano? Check out our long-term Cardano price prediction and stay ahead of the curve!
On the upside, Cardano faces resistance around $0.94, with further resistance at $0.98 and near $1.07. These levels could prevent the price from moving higher if the bearish trend continues.
Cardano is testing support at $0.82 to $0.83, with further levels at $0.76-$0.77 if the price drops below $0.83.
Cardano has the potential to overtake Ethereum if its scalability, smart contract adoption, and ecosystem growth surpass Ethereum’s current network limitations.
According to our Cardano price prediction, the altcoin’s price could hit a maximum of $2.42 by the end of 2025.
Gate Group has officially announced that its subsidiary, Gate Technology FZE (“Gate Dubai”), has been…
FTX has launched legal action against NFT Stars Ltd. and KUROSEMI INC. (d/b/a Delysium) for…
Stablecoins are rapidly evolving from a niche segment in the crypto world to a key…
Cryptocurrency has a reputation for being a bit too technical, especially for someone who’s never…
Big financial trouble could be coming, and many believe banks already see it coming. Some…
A viral fake rumour swept the internet yesterday, and the crypto community did not keep…