Cardano's Price Struggles to Break $1 Amid Weekly Corrections
The overall trend implies a weekly climb towards a new all-time high (ATH), but current technical analysis on TradingView shows a continuing pullback to $0.43 before another strong upward surge.
Resistance and cooling are seen in price movements.
Technical analysis of Cardano (ADA) weekly candlestick price activity shows resistance around $1.2046. This barrier developed following Cardano's 205% rise from $0.4322 in late October to $1.32 in late November.
Cardano formed important lows that maintain its price throughout this amazing price climb. Cardano entered the overbought RSI zone after the surge. After rallying to 82.87 on the RSI, Cardano has retraced into a cooling/corrective phase where purchasing pressure is consolidating.
While the long-term view is favorable, the study suggests a steep correction that might lower Cardano prices in the immediate term. The expert suggests ADA revisit support levels if a further downturn occurs. Price reactions have shown the first important level at $0.7683 is significant.
$0.4322 is the last support for the bullish run below this. To maintain a positive trend, ADA must hold above $0.43. Failure to hold above $0.43 might lead to greater market falls and a pessimistic outlook.
The analyst's main supports are $0.3166 and $0.2427. In event of a longer-term downturn, Cardano's lowest support from the last bear market is unlikely to be broken.
Despite the possibility of a significant fall, Cardano's current market behavior and purchasing tendencies indicate a bright future. ADA is now trading at $0.912 and up 2% in 24 hours. ADA may test its $3.09 all-time high and perhaps set new highs in the current cycle after $1.2046 barrier is passed.
