ADA Above $1 Again
Cardano (ADA) has reclaimed the $1 mark, with its price rising over 7% in the past 24 hours. The altcoin is approaching a critical zone that could determine its next direction. Let’s delve into the details of its current situation.
Key Levels and Support Zones in Wave 4
Currently, ADA's price is in the fourth wave of its cycle, with key support zones identified between $0.85 and $0.60. The most critical support level to watch is around $0.702. While Wave 4 could extend further, the deeper-than-expected recent dip suggests that the current consolidation phase might be nearing its conclusion.
Bullish Potential Despite Recent Pullback
Looking back at the pullback from the November 23 high, the price moved in three waves instead of five. This leaves room for a potential upward move, though it’s not guaranteed. Nonetheless, this situation indicates that Cardano still has the potential for further upward movement.
Fibonacci Support Levels Reached
Key Fibonacci support levels between $0.88 and $0.778 have already been reached, and the market is now testing resistance levels. The current move has already met the 100% Fibonacci extension target, meaning ADA is now attempting to push higher.
Resistance Zones and Market Outlook
Cardano is nearing critical resistance levels, with significant zones identified between $1.12 and $1.14. Another resistance level lies around $1.87. If ADA manages to break through these barriers, it could mark the beginning of a new bullish trend. Conversely, rejection at these levels could indicate that the current rally is part of a corrective movement.
Key Levels to Watch
For those holding positions from Fibonacci support zones, it’s advisable to move stop-loss levels to break-even to secure profits. If the price dips, key support levels to monitor are $0.85 and $0.77, which could provide a base for further upward movement.
Cardano remains in a crucial phase, with the potential for a significant move in either direction in the coming days.
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