The Cardano (ADA) currency is currently at a critical crossroads, as recent technical analysis indicated that the current Fibonacci level could pave the way for a potential drop towards $0.42, if the currency fails to maintain the main support.
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Despite ADA's price rising by more than 3% on Friday, benefiting from a wave of optimism that swept through the crypto market in general, technical analysts warn of strong resistance at certain levels that could hinder any further rise.
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Observers point out that breaking the support level at $0.46 could trigger a short-term sell-off, pushing the price down towards $0.42, which is a very important Fibonacci level.
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On the other hand, some investors are betting on a return of buying momentum if the currency manages to surpass $0.50, which could completely change the equation and push the price higher.
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Amid this volatility, Cardano remains one of the controversial currencies in the market, with opinions ranging from those seeing it as a golden opportunity to those expecting an imminent drop.
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The next phase is critical... and the market is awaiting the decision!
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