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 key price range, with support at $0.75 and resistance at $1.3. Recent price movements show that ADA has successfully retraced to the $0.75 support area, which aligns with previous volatility highs, indicating strong demand and buying interest.

Technical Analysis Overview:

1. Daily Chart:

Cardano faced a setback at the $1.3 resistance level, causing the price to pull back to the $0.75 support area. 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 from either side could trigger a new market trend:

Bullish breakout at $1.3: If the $1.3 resistance level 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 a wave of 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 a breakout above could lead to a bullish breakout. Currently, ADA's price is near the lower limit of the wedge and the $0.75 support area, with buying interest clearly 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 additional selling pressure.

Medium-Term Outlook:

Bullish Scenario: If ADA breaks above the upper limit of the wedge, it could pave the way for a continued rise to the $1.3 resistance level.

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 $0.75 support and $1.3 resistance will set the foundation for market direction in the coming months. Keep an eye on the breakout of these two key price levels, as they may determine ADA's future price movements.

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