Cardano Price Analysis: What’s Next After ADA Drops 7% to Below $1? 🔥🔥🔥
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Cardano Price Rises
Cardano has recently surged strongly, reclaiming the annual high of $0.8 and approaching the key resistance level of $1.3. However, the market is expected to enter a consolidation phase between $0.8 and $1.3.
Technical Analysis
The weekly chart shows that Cardano rebounded from the $0.3 support zone, regaining the $0.8 annual high, but the $1.3 resistance level faces selling pressure.
In the medium term, Cardano may pull back to the $0.8 support level; if successful, it could move upward again, targeting the $2 resistance zone.
The 4-hour chart shows that Cardano encountered sell-off at the $1.3 level, forming a bearish reversal pattern of head and shoulders.
If the neckline is breached, it may retrace to the Fibonacci levels between $0.82 and $0.7. This correction could allow buyers to re-enter, laying the groundwork for reclaiming the $1.3 resistance level and further upward movement.
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