Cardano is currently trading near $0.903 with a daily decline of about -3.31% after reaching a high of $0.9339 today and a low of $0.9045. This movement reflects a kind of caution and anticipation among traders, especially with the currency remaining stuck below the psychological barrier of $1.
Support and resistance levels:
The first support at $0.85 represents a fundamental base that must be maintained to ensure the continuation of positive momentum, and the second support at $0.80, if breached, may increase the chances of a deep correction.
The first resistance at $1.00 is an important psychological barrier, surpassing it may open the way for a stronger rise, and the next resistance between $1.05 – $1.18 is a targeted area if the price can surpass the $1 barrier.
Technical indicators:
Moving averages MA price is trading above the 20 and 50-day averages, supporting the short-term bullish trend.
The Relative Strength Index (RSI) is moving around 63 points, indicating healthy buying momentum without entering the overbought area.
MACD shows a positive crossover with a widening gap, confirming the continuation of bullish momentum.
Trading volumes are relatively stable, and any upcoming increase may contribute to accelerating the breakout.
Important news:
The Cardano network witnesses more than 2000 active projects and new developments like CIP-112 to enhance smart contracts, alongside the possibility of entering future ETF funds, which enhances its long-term prospects.
Forecasts: The positive scenario of breaking above the $1 level and maintaining above it may open the door towards $1.10 – $1.18. With positive news and institutional support, the movement could extend to $2 or more. The negative scenario of losing support at $0.85 could bring ADA back to test $0.80 and delay any upward launch.
In summary, Cardano is now at a pivotal stage between pressure to stay below $1 and the potential for a price explosion if it is breached. Recent news, institutional support, and growing projects enhance the bullish outlook in the medium and long term, while maintaining support levels remains a basic condition for the continuation of this momentum.
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