– The price of Cardano is still entrenched in a consolidation trend.
– As the token recovers from the bottom border of the prevalent trend line, ADA is striving to hit high degrees.
– If Cardano falls below $1.00, the bulls will be in a difficult position.
Cardano blockchain has sustained record performance for over two weeks because of the debut of SundaeSwap, the first decentralised exchange (DEX) to be live on Cardano.
Notwithstanding the drop in the token’s price due to the continuous down market, the overall value recorded for the ADA blockchain achieved a new high of almost $80 million.
Cardano pricing is trapped in a falling parallel channel pattern on the daily graph, indicating that the coin could move downwards. ADA has remained above the bottom limit of the prevalent trend line as dependable support at $1.00. The 38.2 percent Fibonacci retracement level at $1.19 will be the first resistance point for Cardano pricing.
Source – TradingView
The 50-day SMA at $1.28, which coincides with the 50 percent retracement level and the midway border of the dominating technical trend, will be an extra stumbling block. Before the bulls approach the top border of the current chart pattern at $1.56, crossing with the 100-day SMA, Cardano price may face another hurdle at the 78.6 percent Fibonacci retracement level at $1.48.
Cutting over the ruling analytical pattern’s topside pattern line might indicate that the bulls have turned the corner after a stretch of underperformance, indicating that further gains are on the way. The 127.2 percent Fibonacci retracement level at $1.84 will be a significant goal.
Cardano’s price might fall to the 23.6 percent Fibonacci retracement level at $1.08 if selling pressure develops before ADA declines to the bottom border of the current candlestick pattern at $1.00. If the price of Cardano falls underneath the descending parallel channel’s negative trend line, it may fall into the demand zone, which ranges from $0.72 to $0.81.