Cardano's market price has dropped to $0.8375, with a decrease of 3.18% in the last 24 hours. Analysts are studying technical indicators to forecast future price movements.
The Constructive Correction Cardano is Undertaking
According to the analysis, Cardano is undergoing a corrective phase. The wave structure shows that the asset has passed the first two waves of an impulsive bullish sequence. Currently, the third wave is underway, with an ascending triangle forming, which may foreshadow a breakout. Breaking through the upper boundary of this triangle could lead to significant price growth.
Key Resistance Levels
The Fibonacci levels indicate key support zones for ADA. If the price retraces, the 50%, 61.8%, and 78.6% retracement levels could become critical support points. The $1.00 level is also significant as resistance for further growth and potential achievement of Fibonacci level targets.
Comparison with Competing Projects
Cardano has significantly outpaced Ethereum in the number of commits to the core code. Despite this, to strengthen its position, Cardano needs to develop DeFi, NFT, and smart contracts to close the gap with Ethereum, which has a more established ecosystem.
The current situation with Cardano requires careful analysis. Technical levels and ecosystem development may play a key role in future active market movements.
