Cardano (ADA) has found support at the 61.8% Fibonacci retracement level at $0.86, indicating buying pressure whenever the price declines.
ADA/USDT daily chart | Source: TradingView
The ADA/USDT pair rose above $1 on November 27, but the upward momentum is expected to face resistance near the $1.15 level. If the price sharply reverses from $1.15, this would suggest a sideways trend in the short term. The currency pair may fluctuate between $0.86 and $1.15 for a while.
The upward trend will continue if the price breaks out and closes above $1.15. At that point, the currency pair could rise to $1.25. Conversely, if the price breaks through support at $0.86, the risk of falling to $0.80 will increase significantly.
