In-depth Analysis! The Future Trend of Cardano: Will $0.88 Be the Turning Point?

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The price of Cardano shows a critical interaction between the consolidation and breakout phases. After spending most of 2023 in the range of $0.58 to $0.88, ADA surged to $1.25 earlier this year but faced rejection at this resistance level.

Currently back around $0.88, this level is a key support area. If ADA holds this level, it may bounce back to $1.25, and if momentum strengthens, the ultimate target is $2.41.

However, failure to maintain this level could lead to a pullback to the $0.58 range. Therefore, whether ADA can maintain the $0.88 support level is crucial for its price direction.

The long/short ratio for ADA is 0.9936, with short positions slightly higher than long positions at 50.16%. This nearly equal distribution reflects the market's indecision.

However, if it breaks through $0.88, traders expect a bullish breakout, and long positions may increase. Conversely, if it fails to hold the support level, bearish sentiment may intensify.

The future of ADA depends on its ability to hold the $0.88 support level. If it holds this support, it may rebound to $1.25, with a potential to reach $2.41 in the coming months. However, falling below this support could lead to a retest of $0.58, delaying any bullish rebound.

Currently, Cardano is still at a critical stage, making patience and monitoring key levels essential.

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