- ADA price remains stuck within a consolidation setup.
- Cardano tries to eye higher zones as the alt rebounds from the prevailing chart’s lower boundary.
- ADA plunging beneath the $1.0 level may mean trouble to the bulls.
Cardano (ADA) struggles to push higher even after selling momentum eased. Moreover, the alternative token might remain in a consolidation chart formation as the currency encounters massive resistances while buyers target higher aspirations.
ADA Price Contemplates Massive Rebound
ADA prices remain confined in a descending pattern on its daily chart. That way, the altcoin might continue moving sideways. Furthermore, Cardano kept its reactions beyond the prevailing chart pattern’s bottom boundary around $1.0, utilizing the level as dependable support. Nevertheless, the crypto will encounter the initial resistance level at 38.2% FIB retracement zone around $1.19.
An additional obstacle will appear at 50-day SMA near $1.28, corresponding with a 50% retracement area and the governing technical setup’s middle boundary. Meanwhile, the challenge around the 78.6% FIB retracement mark might confront ADA’s positive movements.
Overcoming this hurdle will see bulls targeting the prevailing chart’s upper boundary at $1.56, the level intersecting with 100-day Simple Moving Average. A move past the governing technical pattern’s topside trend-line might mean bulls reversed the underperformances, eyeing further gains. Higher aspiration will aim the value zone at 127.2% FIB retracement mark near $1.84.
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Nevertheless, surged selling strength may lead to price drops towards the 23.6% FIB retracement mark around $1.08. Further downtrends will drag ADA lower to the prevailing chart pattern’s lower boundary at $1.0.
Cardano price breaking beneath the descending parallel channel’s downside trend-line may reveal more drops. With that, ADA might fall toward the demand territory that extends between $0.72 and $0.81.
Though Cardano appears optimistic, the token struggles as bulls face challenges. Nevertheless, the altcoin should maintain its price actions above the $1.0 level to prevent further declines. Meanwhile, ADA might depend on broad market sentiment for its upcoming directional bias.
Moreover, bears seem to dominate the crypto space, canceling uptrends by the assets. Bitcoin could not challenge its massive resistance at $38K after the latest rally halted. While publishing this content, BTC trades with bearishness at $35,985.38. Keeping these downtrends will trouble ADA bulls.
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