Cardano's price action indicates a potential recovery following previous market declines. Key resistance and support levels define the cryptocurrency’s next possible movement.
Key Resistance and Support Levels
The market structure indicates an attempt to recover from previous declines. A downtrend resistance line has been broken, signaling a possible trend reversal. If the price remains above $0.6644, further bullish movements could follow. Historical support-to-resistance shifts suggest a pattern of recovery after corrections.
Fibonacci Levels and Market Movement
Fibonacci retracement levels highlight key areas where price action has slowed or reversed. The 0.5 retracement level at $0.86 and 0.618 retracement at $1.17 serve as important zones. The 0.786 retracement at $1.82 could act as resistance if the price rises. Fibonacci extension levels suggest potential targets if momentum strengthens.
Market Trends and Analyst Insights
Mihir, known as RhythmicAnalyst, points to Cardano’s three-day timeframe as a strong indicator of long-term trends. The price action aligns with historical patterns, reinforcing the importance of key resistance and support levels. Whether buyers sustain momentum will determine the next direction.
Volume remains at 144.96M, showing active market participation. The price, currently at $0.7107, has risen 5.98%, reflecting increased buying pressure. If this momentum continues, Cardano might retest resistance zones.
