Cardano Price Prediction, Will Bulls Prevail at Psychological Level
- The Cardano recovery rally faced renewed supply pressure around the $0.676 mark amidst growing uncertainty in the crypto market.
- Sellers gained strength amid speculation about the potential rejection of Spot Bitcoin ETF approval by the US SEC.
- Consequently, the ADA price experienced a downturn, retracing to the $0.5 mark as sellers tightened their grip on the market.
Cardano maintains $0.50 support vs. USD, reflecting Bitcoin.
According to Coingabbar Price Analysis,On January 3rd, ADA price exhibited a long-tail rejection, signaling buyer accumulation at $0.5, coinciding with the 38.2% Fibonacci retracement level.
The daily time frame chart reveals the formation of a cup and handle pattern, indicating potential bullish momentum.
ADA price on the daily chart finds support from the Ascending Trendline, further reinforcing the potential for an upward move.
A healthy retracement to the 38.2% Fibonacci level creates a buying opportunity, as observed in the technical analysis.
The confluence of technical support at $0.5 establishes a significant area of interest for buyers, enhancing the likelihood of a positive market response.
This degree of pullback is considered a healthy retracement, fostering sustainability at higher price levels.
KEY LEVELS :
RESISTANCE LEVEL : $0.5400-$0.5700
SUPPORT LEVEL : $0.5000-$0.4800
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
