Cardano continues its consolidation below the $0.80 mark. Amid declining trading volumes and price fluctuations, key support and resistance levels are outlined.
Current Levels and Technical Signals
The current price of Cardano is $0.7216, down 2.36% from earlier levels. After reaching a high above $0.90, Cardano faced selling pressure, leading to the formation of lower highs and signaling short-term weakness. Key technical levels include resistance at $0.7719 and support at $0.7009. The 25-day moving average remains a relevant point of observation.
Volume Trends and Market Sentiment
Cardano's trading volume has decreased from peaks in March and July, reflecting lower activity. The diminished volume suggests consolidation rather than aggressive distribution of the asset. A drop below $0.70 could trigger deeper declines. However, stability above this mark may help Cardano establish a new base.
Prospects for Cardano in the Near Future
The current structural position of Cardano indicates that maintaining the $0.70 level and the potential to close above the 25-day moving average could initiate a new upward trend. This consolidation may signal an upcoming rally if key levels are held.
Cardano is at a pivotal stage where technical signals define its future direction. Success in holding key levels may pave the way for a new market surge.
