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 of critical support and resistance levels.
Technical indicators:
The Relative Strength Index (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 moving average MA 50 price is still above it, indicating that the overall trend remains upward in the short term.
The MACD indicator shows convergence between the signal line and the indicator line, indicating the possibility of a 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 between $0.95 - $1.00, breaking it opens the door for a larger upward wave.
The forecast is 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, and a clear break of this support may open the door for a corrective drop towards $0.78 before any new upward attempt.
In summary, the market is currently in a waiting state to confirm the trend, and staying above $0.84 is a positive signal, while breaking $0.95 would be the beginning of a new upward wave towards $1. Breaking $0.84 may lead to a decline to $0.78 to regroup liquidity.
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