Cardano has entered a downward correction, trading below the crucial $1.00 level. The current price of ADA is consolidating and encountering resistance levels around $0.920 and $0.950. The recent market movements suggest a challenging path ahead for the cryptocurrency.
After facing difficulties breaking through the $1.00 resistance, Cardano’s value has decreased, paralleling trends seen in Bitcoin and Ethereum . The ADA price dropped below key support levels of $0.9650 and $0.950. A recent peak reached $0.9495 before the decline pushed it further down past $0.920, falling beneath the 50% Fibonacci retracement of the previous upward trend.
Currently, Cardano’s price is trading below $0.925 and the 100-hourly simple moving average. The immediate resistance lies at the $0.920 level, supported by a forming bearish trend line on the hourly ADA/USD charts. A successful breach above $0.950 could signal a potential upward movement, possibly targeting the $1.00 region. If momentum permits, prices could rally toward $1.050.
However, if Cardano fails to surpass the $0.920 resistance, it may experience further declines. Immediate support is identified around $0.8950, coinciding with the 61.8% Fibonacci level of the previous upward movement. If this level fails to hold, the next significant support zone is near $0.8650. A breach below this level could lead to a downward test of $0.820, with further significant support around $0.8050 where buying interest may re-emerge.
In summary, Cardano faces critical resistance levels that must be overcome to stabilize or recover in price. Should further declines occur, the support thresholds will be vital in determining the next steps for ADA in the fluctuating market landscape.
