Summary
TLDR: Cardano’s price is currently undergoing a corrective phase with speculation on its recovery. It battles resistance at $0.64 and may face further decline if it breaches support levels. Mixed signals from indicators suggest uncertainty in its price trajectory. Maintaining above $0.47 support level is crucial for an upward trajectory. Against Bitcoin, Cardano breached critical support levels but indicators show a neutral stance. No bearish signals detected in the monthly chart, but caution is advised.
Key Points
1. Cardano’s price is currently undergoing a corrective phase, with speculation surrounding the duration and trajectory of this correction.
2. The ADA price experienced a correction from approximately $0.81 to around $0.57, finding support at the 0.382 Fibonacci level and encountering resistance at the 50-day EMA.
3. Cardano is anticipated to encounter significant Fibonacci support at the Golden Ratio level, around $0.47, if it breaches the 0.382 Fib level at approximately $0.58. If it maintains above this support level, the upward trajectory remains viable.