Cardano Price Analysis: How will ADA proceed after a daily drop of 7% to below $1? 🔥🔥🔥

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Cardano Price Increase

Cardano has recently surged strongly, recovering 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 support area of $0.3, reclaiming the annual high of $0.8, but the resistance level at $1.3 is facing selling pressure.

In the medium term, Cardano may pull back to the support level of $0.8, and if successful, may rise again with a target at the resistance area of $2.

The 4-hour chart shows that Cardano encountered selling pressure at the $1.3 level, forming a bearish reversal pattern of a head and shoulders.

If the neckline is broken, a retracement to the Fibonacci levels of $0.82 to $0.7 may occur. This correction could allow buyers to re-enter the market, laying the groundwork for reclaiming the $1.3 resistance and further upward movement.

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