Cardano is currently trading at around $0.87 after fluctuating between $0.84 - $0.89 in the past hours. The recent movement reflects a kind of price consolidation after a period of strong increases, indicating that the market is currently in a testing phase for crucial support and resistance levels.
Technical Indicators:
The RSI is moving near the neutral zone with a slight upward bias, reflecting some buying momentum, but not strong enough for a clear breakout.
The 50 MA moving average price is still above it, indicating that the overall trend remains bullish in the short term.
The MACD indicator shows convergence between the signal line and the indicator line, indicating a potential strong movement coming, either a breakout or a correction.
Support and Resistance Levels:
The nearest support between $0.84 - $0.82 is an important pivot area, and the third support at $0.78 indicates that there is a correction.
The first resistance is at $0.90, and the most important resistance is between $0.95 - $1.00. Breaking through this level opens the door for a larger upward wave.
The expectations are that if Cardano manages to maintain $0.84 as a support area, there is a strong possibility that we will see a retest of the $0.90 - $0.95 level soon. However, a clear break below this support could open the door for a corrective decline towards $0.78 before any new upward attempt.
In summary, the market is currently in a waiting state for confirmation of the trend, and sustaining above $0.84 is a positive signal, while a breakout above $0.95 will mark the beginning of a new upward wave towards $1. A break below $0.84 may lead to a decline to $0.78 to re-accumulate liquidity.
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