Cardano (ADA) Key Price Range: $0.75 vs $1.3, Breakthrough Will Determine Market Direction!

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Cardano (ADA) is currently in a critical price range, with support at $0.75 and resistance at $1.3. Recent price movements indicate that ADA has successfully retraced to the support area of $0.75, a position consistent with previous swing highs, demonstrating strong demand and buying interest.

Technical Analysis Overview:

1. Daily Chart:

Cardano faced setbacks at the resistance level of $1.3, causing the price to pull back to the support area of $0.75. This support level has prevented further declines, helping ADA maintain within the range of $0.75 to $1.3. The market is currently in a consolidation phase, and any breakout could trigger a new market trend:

Bullish Breakout at $1.3: If the resistance level of $1.3 is broken, ADA may enter a phase of sustained upward movement.

Bearish Breakdown at $0.75: If it breaks below $0.75, it may trigger significant liquidations, pushing the price towards lower support levels.

2. 4-Hour Chart:

In the short term, ADA has formed a descending wedge pattern, which typically indicates that if the upper limit is breached, a bullish breakout may occur. Currently, ADA's price is close to the lower limit of the wedge and the $0.75 support area, with buying interest significantly increasing. This area is also supported by Fibonacci retracement levels:

**$0.82 (0.5) and $0.7 (0.618)** Fibonacci retracement levels further reinforce this support, preventing more selling pressure.

Mid-Term Outlook:

Bullish Scenario: If ADA breaks above the upper limit of the wedge, it may pave the way for further upward movement to the resistance level of $1.3.

Bearish Scenario: If it breaks below the lower limit of the wedge, ADA may further decline, with $0.5 becoming the next key support.

Cardano is currently in a decisive range, and a breakout between the support at $0.75 and resistance at $1.3 will lay the foundation for market direction in the coming months. Keep an eye on the breakout of these two key price levels, as it may determine ADA's future price trends.

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